MIRA
INFORM REPORT
|
Report Date : |
11.07.2011 |
IDENTIFICATION DETAILS
|
Name : |
MODERN INSECTICIDES PRIVATE LIMITED
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Registered
Office : |
2nd Floor, Kesar Complex, Near Malhar Cinema, |
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Country : |
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Financials (as
on) : |
31.03.2006 |
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Date of
Incorporation : |
22.10.1990 |
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Com. Reg. No.: |
16-10771 |
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Capital
Investment / Paid-up Capital : |
Rs.1.673 millions |
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CIN No.: [Company Identification
No.] |
U24211PB1990PTC010771 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
JLDM00959A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer of Agro Chemicals and Pesticides. |
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No. of Employees
: |
50 Approximately (Office – 15 and Factory – 35) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. The
financials of the company are missing from the government departments since
2006. In absence of latest financials, the current status and performance of
the company are unknown. Initially, the company can be considered for business dealings on a
secured 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 DECLINED BY
|
Name : |
Mr. Raja |
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Designation : |
Director |
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Date : |
05.07.2011 |
LOCATIONS
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Registered Office : |
2nd Floor, Kesar Complex, Near Malhar Cinema, |
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Tel. No.: |
91-161-4320000/ 2405625 / 4320028 / 2410765 / 2405625 / 4300000 |
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Fax No.: |
91-161-4320010 / 2403649 |
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E-Mail : |
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Website : |
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Head Office : |
PO Box # 160, Adjoining Chand
Cinema, G.T. Road, Ludhiana-141008, Punjab, India |
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Tel. No.: |
91-161-2744646/ 2744648 |
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Fax No.: |
91-161-2745366 |
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Factory 1 : |
C-162A, Focal Point, Dhandari Kalam, |
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Tel. No.: |
91-161-2672954/ 2674569 |
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E-Mail : |
DIRECTORS
(AS ON 30.09.2008)
|
Name : |
Mr. Avtar Singh Gujral |
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Designation : |
Director |
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Address : |
435/7, Krishna Nagar, Civil Lines, |
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Date of Birth/Age : |
04.03.1943 |
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Date of Appointment : |
22.10.1990 |
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DIN No. : |
00704545 |
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Name : |
Mr. Charanjit Singh Gujral |
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Designation : |
Director |
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Address : |
435/8, Krishna Nagar, Civil Lines, |
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Date of Birth/Age : |
05.12.1980 |
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Date of Appointment : |
16.07.2003 |
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DIN No. : |
00704532 |
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Name : |
Mr. Surinder Singh Kooler |
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Designation : |
Director |
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Address : |
50-5F, Raj Guru Nagar, |
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Date of Birth/Age : |
05.05.1943 |
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Date of Appointment : |
22.10.1990 |
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DIN No. : |
00704517 |
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Name : |
Mr. Jagjit Singh |
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Designation : |
Director |
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Address : |
1270, Krishna Nagar, |
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Date of Birth/Age : |
02.11.1939 |
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Date of Ceasing : |
06.03.2009 |
KEY EXECUTIVES
|
Name : |
RCS and Company |
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Designation : |
Company Secretary |
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Address : |
B – 23/750 Janak Puri, Street No. 5, Industrial Area ‘A’, Ludhiana –
141003, India |
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Tel No. : |
91-161-2609257 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 31.03.2010
|
Names of Shareholders |
|
No. of Shares |
|
Jagjit Singh |
|
46900 |
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Avatar Singh |
|
140170 |
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Surinder Singh Kooner |
|
47670 |
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Amarjit Singh |
|
1400 |
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Kawaljit Singh |
|
1900 |
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Palwinder Singh |
|
1950 |
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A |
|
1500 |
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Kulwinder Singh |
|
1500 |
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Harinder Singh |
|
1500 |
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J |
|
11500 |
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Harpeet Singh |
|
17490 |
|
Modern Sprayers (Private) Limited, |
|
10100 |
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Ankit Jain |
|
1000 |
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Praksh Kaur |
|
33500 |
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Manjit Kaur |
|
43600 |
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Jasbir Kaur |
|
52380 |
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Gurmeet Kaur |
|
58900 |
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Charanjit Singh |
|
111600 |
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Sadjeev Kaur |
|
68500 |
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Urmit Kaur |
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55000 |
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Harpeet Singh |
|
36990 |
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A |
|
10000 |
As on 28.09.2010
|
Category |
|
Percentage |
|
Bodies corporate |
|
0.57 |
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Directors or relatives of directors |
|
95.34 |
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Other top fifty shareholders |
|
4.09 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Agro Chemicals and Pesticides |
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Products : |
·
Insecticides ·
Fungicides ·
Herbicides ·
Public Health ·
Seed Treatment Pesticides ·
Combination Products |
GENERAL INFORMATION
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No. of Employees : |
50 Approximately (Office – 15 and Factory – 35) |
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Bankers : |
·
State Bank of ·
State
Bank of Hi-tech Agriculture Branch, ·
Punjab
National Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Ashok Sareen and Associates Chartered Accountants |
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Address : |
89-90 Partap Colony, Model Gram, |
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Tel. No.: |
91-161-2423232 |
CAPITAL STRUCTURE
As on 28.09.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2000000 |
Equity Shares |
Rs.10/- each
|
Rs.20.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1760000 |
Equity Shares |
Rs.10/- each
|
Rs.17.600
Millions |
As on 31.03.2006
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 |
|
167300 |
Equity Shares |
Rs.10/- each
|
Rs.1.673
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
|
1.673 |
1.673 |
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2] Share Application Money |
|
2.366 |
2.366 |
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3] Reserves & Surplus |
|
7.770 |
7.467 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
11.809 |
11.506 |
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LOAN FUNDS |
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1] Secured Loans |
|
16.988 |
12.635 |
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2] Unsecured Loans |
|
0.000 |
0.000 |
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TOTAL BORROWING |
|
16.988 |
12.635 |
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DEFERRED TAX LIABILITIES |
|
1.634 |
1.262 |
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TOTAL |
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30.431 |
25.403 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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22.500 |
12.402 |
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Capital work-in-progress |
|
0.000 |
0.000 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
90.479 |
87.359 |
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Sundry Debtors |
|
31.141 |
36.081 |
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Cash & Bank Balances |
|
0.337 |
0.291 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
9.038 |
5.103 |
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Total
Current Assets |
|
130.995 |
128.834 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
|
57.116 |
90.678 |
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Other Current Liabilities |
|
67.819 |
28.009 |
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Provisions |
|
1.129 |
0.646 |
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Total
Current Liabilities |
|
126.064 |
119.333 |
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Net Current Assets |
|
4.931 |
9.501 |
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MISCELLANEOUS EXPENSES |
|
3.000 |
3.500 |
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TOTAL |
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30.431 |
25.403 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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SALES |
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Income |
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|
194.510 |
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Other Income |
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TOTAL |
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132.054 |
195.410 |
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PROFIT BEFORE
TAX (E-F) |
|
1.150 |
2.114 |
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Less |
TAX |
|
0.813 |
0.582 |
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PROFIT AFTER TAX
(G-H) |
|
0.337 |
1.532 |
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|
Earnings Per
Share (Rs.) |
|
NA |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
|
0.26 |
0.78 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
0.75 |
1.50 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.10 |
0.18 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
12.11 |
11.47 |
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Current Ratio (Current Asset/Current Liability) |
|
|
1.04 |
1.08 |
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF
OPERATIONS:
Total Income of the company stood at Rs.132.054 Millions during the current
year as compared to Rs.195.410 Millions during the previous year. The net
profit after tax stood at Rs.0.337 Million as compared to Rs.1.532 Millions
during the previous year. The company hopes to achieve better results in view
of implementation of expansion plans.
Bankers Charges Report as per Registry
|
This form is for |
Creation of charge |
|
Corporate identity number of the company |
U24211PB1990PTC010771 |
|
Name of the company |
MODERN INSECTICIDES PRIVATE LIMITED |
|
Address of the registered office or of the principal place of business in |
2nd Floor, Kesar Complex, Near Malhar Cinema, |
|
Type of charge |
Movable property (not being pledge) |
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Particular of charge holder |
Punjab National Bank |
|
Nature of description of the instrument creating or modifying the
charge |
Hypothecation agreement for car loan |
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Date of instrument Creating the charge |
10.03.2011 |
|
Amount secured by the charge |
Rs.3.100 millions |
|
Brief particulars of the principal terms an conditions and extent and
operation of the charge |
Rate of interest 12% Terms of repayment Monthly instalment of Rs.0.070 million Margin 15% Extent and operation of the charge 100% |
|
Short particulars of the property charged |
Audi Car |
WEB
DETAILS
Profile
Subject was started in 1998 under the name of Modern Agro Sprayers Corp.
with the sole objective of providing Indian Farmers with the most Modern
Insecticides at affordable prices. Apart from giving best possible pesticides,
company had committed itself to work with the farmers, analyzing their crop
problems and solving them in their own fields by arranging demonstration and
discussions.
With every passing year the resolve to satisfy the farmer's community met with
great success and farmers put their faith in subject's products. This
encouraged them to go in for latest agro products which were needed by the
farmers. Today they have 34 products on the range and hope to add some more
within next one or two years so that farmers could be provided with a complete
package.
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.44.33 |
|
|
1 |
Rs.70.74 |
|
Euro |
1 |
Rs.63.65 |
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.