MIRA
INFORM REPORT
|
Report Date : |
24.01.2011 |
IDENTIFICATION DETAILS
|
Name : |
ARPIT PLASTICS PRIVATE LIMITED |
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Registered
Office : |
14-C, 14-E and 15-A, Industrial Area, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
20.12.1996 |
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Com. Reg. No.: |
10-011497 |
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CIN No.: [Company Identification
No.] |
U25201MP1996PTC011497 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Plastic blow moulded container of the
size of 50 ml to 5000 ml and injection moulded articles. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 102000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
|
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 DENIED BY
|
Name : |
Mr. Janidkhan |
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Designation : |
Accounts |
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Date : |
20.01.2011 |
LOCATIONS
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Registered Office : |
14-C, 14-E and 15-A, Industrial Area, |
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Tel. No.: |
91-734-2527328 |
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E-Mail : |
DIRECTORS
As on 30.09.2010
|
Name : |
Mr. Virendra Kumar Ladha |
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Designation : |
Director |
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Address : |
36, Kshirsagar Colony, Dravid Marg, |
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Date of Birth/Age : |
21.11.1961 |
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Date of Appointment : |
15.01.1997 |
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Name : |
Mr. Vishnu Jajoo |
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Designation : |
Director |
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Address : |
106, |
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Date of Birth/Age : |
24.08.1964 |
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Date of Appointment : |
20.07.1998 |
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Name : |
Mr. Swaroop Bramha Jajoo |
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Designation : |
Director |
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Address : |
106, |
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Date of Birth/Age : |
20.10.1947 |
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Date of Appointment : |
01.01.1998 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2010
|
Names of Shareholders |
|
No. of Shares |
|
Bangur Anand |
|
2500 |
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Bangur Mangla |
|
500 |
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Anand Bangur (HUF) |
|
9000 |
|
Balaji Suppliers Private Limited ( |
|
95000 |
|
Swati Commercial Private Limited ( |
|
92500 |
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Arpit Packaging Private Limited |
|
95000 |
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Vishnu Jajoo |
|
103000 |
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Bangur Anusha |
|
113000 |
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Rao V. J. |
|
500 |
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Shah Nilesh K. |
|
500 |
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Shah Deval |
|
250 |
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Bangur Anand (Karta) |
|
500 |
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Betar Step Trading Private Limited ( |
|
35050 |
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Bangur Arpit |
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93000 |
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Jajoo Braham Swaroop |
|
87500 |
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Bangur Saroj |
|
80250 |
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Joshi Rajshree |
|
80000 |
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Jajoo Shweta |
|
9310 |
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Joshi Rajendra |
|
690 |
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Choudhary Sanjay |
|
65000 |
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Atal Rajendra Singh |
|
36000 |
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Total |
|
999050 |
As on 30.09.2010
|
Category |
Percentage |
|
Bodies corporate |
31.79 |
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Directors or relatives of Directors |
20.00 |
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Other top fifty shareholders |
48.21 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Plastic blow moulded container of the size
of 50 ml to 5000 ml and injection moulded articles. |
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Products : |
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PRODUCTION STATUS AS ON 31.03.2010
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production (Nos.) |
|
Plastic Goods |
MT |
1268 |
1268 |
52885745 |
|
Corrugated Boxes and Accessories |
MT |
1440 |
1440 |
38751 |
GENERAL INFORMATION
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No. of Employees : |
200 (Approximately) |
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Bankers : |
Small Industries Development Bank of |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Anand Ladha and Associates Chartered Accountant |
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Address : |
332, Usha Nagar Extension, |
CAPITAL STRUCTURE
As on 30.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
1000000 |
Equity Shares |
Rs.10/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
999050 |
Equity Shares |
Rs.10/- each |
Rs.9.990
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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|
1] Share Capital |
9.990 |
9.990 |
9.990 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
15.598 |
8.813 |
3.385 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
25.588 |
18.803 |
13.375 |
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LOAN FUNDS |
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1] Secured Loans |
37.898 |
16.684 |
13.199 |
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2] Unsecured Loans |
19.788 |
25.370 |
8.690 |
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TOTAL BORROWING |
57.686 |
42.054 |
21.889 |
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DEFERRED TAX LIABILITIES |
1.810 |
0.943 |
0.180 |
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TOTAL |
85.084 |
61.800 |
35.444 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
41.207 |
36.776 |
11.917 |
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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 |
0.131 |
0.090 |
0.093 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
25.203
|
13.708 |
18.513 |
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Sundry Debtors |
18.395
|
13.871 |
17.415 |
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Cash & Bank Balances |
6.343
|
2.547 |
0.864 |
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Other Current Assets |
2.003
|
1.898 |
1.416 |
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Loans & Advances |
6.185
|
4.830 |
4.301 |
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Total
Current Assets |
58.129
|
36.854 |
42.509 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
10.145 |
7.905 |
17.928 |
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Provisions |
4.238
|
4.015 |
1.147 |
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Total
Current Liabilities |
14.383
|
11.920 |
19.075 |
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Net Current Assets |
43.746
|
24.934 |
23.434 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
85.084 |
61.800 |
35.444 |
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PROFIT & LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
105.969 |
103.412 |
71.536 |
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Other Income |
9.287 |
7.732 |
8.000 |
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TOTAL (A) |
115.256 |
111.144 |
79.536 |
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Less |
EXPENSES |
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Raw Material Consumption |
|
71.829 |
52.481 |
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Increase / (Decrease) in Stocks |
|
(1.302) |
1.170 |
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Payment to Employees |
|
4.623 |
2.961 |
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|
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Manufacturing and Other Direct Expenses |
|
14.592 |
12.436 |
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Administrative Expenses |
|
3.089 |
1.150 |
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|
Selling and Distribution Expenses |
|
2.122 |
1.880 |
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Director’s Remuneration |
|
0.300 |
0.120 |
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TOTAL (B) |
98.528 |
95.253 |
72.198 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
16.728 |
15.891 |
7.338 |
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Less |
FINANCIAL
EXPENSES (D) |
3.695 |
3.436 |
2.539 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
13.033 |
12.455 |
4.799 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
4.540 |
4.693 |
2.286 |
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PROFIT BEFORE
TAX (E-F) (G) |
8.493 |
7.762 |
2.513 |
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Less |
TAX (I) |
1.709 |
2.334 |
1.113 |
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PROFIT AFTER TAX
(G-I) (J) |
6.784 |
5.428 |
1.400 |
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Earnings Per
Share (Rs.) |
6.79 |
5.43 |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.89
|
4.88 |
1.76 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
8.01
|
7.50 |
3.51 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
8.55
|
10.54 |
4.62 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.33
|
0.41 |
0.19 |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.82
|
2.87 |
3.06 |
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|
Current Ratio (Current Asset/Current Liability) |
|
4.04
|
3.09 |
2.23 |
LOCAL AGENCY FURTHER INFORMATION
SUNDRY CREDITORS
DETAILS :
(Rs.
in Millions)
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
For Capital Goods |
0.000 |
0.806 |
NA |
|
For Supply of material |
8.802 |
5.953 |
NA |
|
For expenses |
1.343 |
1.146 |
NA |
|
Total |
10.145 |
7.905 |
17.928 |
CHANGE OF ADDRESS :
Registered office of the company has been shifted
from 102, Gokul Place Kshirsagar Colony, B/H Gandhi Statue,
FORM 8 :
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U25201MP1996PTC011497 |
|
Name of the
company |
ARPIT PLASTICS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
14-C, 14-E and 15-A, Industrial Area, |
|
Type of charge |
Immovable
property Movable property |
|
Particular of
charge holder |
Small Industries Development Bank of |
|
Nature of description
of the instrument creating or modifying the charge |
1. Agreement for Term Loan Limit -cum -
Hypothecation dated January 5, 2011 executed by the Company in favour of
Small Industries Development Bank of 2. Equitable Mortgage was created vide
Memorandum of Entry No.165 by deposit of Title Deeds with SIDBI relating to
Company's immovable properties being plot no. part of both plots No. 15A and
15B situated at Industrial Area Maxi Road, Ujjain(MP) |
|
Date of
instrument Creating the charge |
05.01.2011 |
|
Amount secured by
the charge |
Rs.7.000 Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
: 11.50% p.a. or
such higher rate as may be notified by the SIDBI from time to time. Terms of
Repayment : 5 years including
moratorium upto one year. Margin : As per Agreement Extent and
Operation of the charge : 1. First Charge
by way of Hypothecation of all the movable assets both present and future
(save and except Book Debts) as described in Second Schedule to the Deed of Hypothecation
dated January 5, 2011 and extension of Hypothecation of Plant and Machinery,
tools etc acquired out of earlier loans aggregating to Rs.21.170 Millions. 2. Extension of
Equitable Mortgage on immovable properties at part of both Plot No. 15A and
15B situated at Industrial Area, Others : 1. Personal
Guarantee of S/Shri Vishnu Jajoo, B.S. Jajoo, both Directors and Shri Anand
Bangur, Smt. Saroj Bangur and Smt. Mangla Bangur. 2. Corporate
Guarantee of Vyanktesh Corrugators Private Limited. 3. All other
terms and conditions as per Loan Agreement and Deed of Hypothecation
dtd.27.09.2004, 28.07.2008, 26.10.2009 and 18.03.2010 to secure Loan of
Rs.1.670 Millions 4.500 Millions 10.000 Millions and 5.000 Millions
respectively. |
|
Short particulars
of the property charged |
|
FIXED ASSETS :
- Air Conditioner
- Computer
- Diesel Tank
- Vehicle
- Building Expansion
- Furniture
- Electric Installation
- Moulds
- Plant and Machinery
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.45.70 |
|
|
1 |
Rs.72.78 |
|
Euro |
1 |
Rs.61.65 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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.