MIRA
INFORM REPORT
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Report Date : |
07.03.2011 |
IDENTIFICATION DETAILS
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Name : |
RENAULT PAPER PRODUCTS PRIVATE LIMITED |
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Registered
Office : |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
07.05.2007 |
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Com. Reg. No.: |
170609 |
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CIN No.: [Company Identification
No.] |
U21090MH2007PTC170609 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMR21821C |
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PAN No.: [Permanent Account No.] |
AADCR6241C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Providing Complete Solution in Blank and Printed Labels, Self Adhesive Labels, Tags and Computer Stationery |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (45) |
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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 254376 |
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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 DECLINED BY
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Name : |
Mr. Prakash |
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Designation : |
Accounts Departments |
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Date : |
05.03.2011 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
91-22-66359836 |
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E-Mail : |
DIRECTORS
AS ON 08.09.2010
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Name : |
Mr. Mahendra Harakchand Shah |
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Designation : |
Director |
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Address : |
6, Bahadur Manzil, |
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Date of Birth/Age : |
08.11.1968 |
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Date of Appointment : |
07.05.2007 |
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Name : |
Mr. Prakash Khimji Shah |
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Designation : |
Director |
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Address : |
Kumar Vilas, R No.34, Mangal Wadi, Girgaum, Mumbai – 400004, |
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Date of Birth/Age : |
29.03.1973 |
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Date of Appointment : |
07.05.2007 |
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Name : |
Mr. Nishikant Shamrao Shirodkar |
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Designation : |
Director |
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Address : |
5 |
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Date of Birth/Age : |
08.07.1943 |
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Date of Appointment : |
02.05.2008 |
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Name : |
Mr. Aditya Vinayak Patwardhan |
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Designation : |
Director |
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Address : |
401, 4th Floor, |
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Date of Birth/Age : |
24.07.1976 |
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Date of Appointment : |
26.05.2008 |
KEY EXECUTIVES
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Name : |
Mr. Prakash |
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Designation : |
Accounts Departments |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 08.09.2010
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Names of Shareholders |
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No. of Shares |
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Mahendra Harakchand Shah |
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349000 |
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Prakash Khimji Shah |
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500 |
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Chandrakant Harakchand Shah |
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100 |
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Harakchand Waghji Shah |
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100 |
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Harsha Chandrakant Shah |
|
100 |
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Parvatiben Harakchand Shah |
|
100 |
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Sangeeta Mahendra Shah |
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100 |
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Nishikant Shamrao Shirodkar |
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285800 |
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Aditya Vinayak Patwardhan |
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500 |
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Total |
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636300 |
AS ON 08.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Providing Complete Solution in Blank and Printed Labels,
Self Adhesive Labels, Tags and Computer Stationery |
GENERAL INFORMATION
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No. of Employees : |
Not Divulged by the management |
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Bankers : |
The Cosmos Co-op Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Samir Shah and Associates Chartered Accountant |
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Address : |
Office No.3, Shaheen Chambers, 148, Mody Street, Fort, Mumbai –
400001, |
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Tel No.: |
91-22-22615527 |
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Associates/Subsidiaries : |
NA |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs.10/- each |
Rs.7.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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636300 |
Equity Shares |
Rs.10/- each |
Rs.6.363
Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
6.363 |
3.501 |
3.501 |
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2] Share Application Money |
0.000 |
0.010 |
0.000 |
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3] Reserves & Surplus |
57.231 |
32.911 |
19.855 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.594 |
36.422 |
23.356 |
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LOAN FUNDS |
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1] Secured Loans |
11.511 |
17.778 |
21.672 |
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2] Unsecured Loans |
32.999 |
37.167 |
36.058 |
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TOTAL BORROWING |
44.510 |
54.945 |
57.730 |
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DEFERRED TAX LIABILITIES |
6.036 |
4.067 |
0.412 |
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TOTAL |
114.140 |
95.434 |
81.498 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
82.077 |
47.780 |
49.005 |
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Capital work-in-progress |
0.000 |
24.100 |
9.198 |
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INVESTMENT |
0.200 |
0.200 |
0.100 |
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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 |
12.504
|
7.507 |
7.509 |
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Sundry Debtors |
35.616
|
32.421 |
34.555 |
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Cash & Bank Balances |
0.877
|
1.052 |
1.026 |
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Other Current Assets |
0.183
|
0.132 |
0.063 |
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Loans & Advances |
25.813
|
18.064 |
8.709 |
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Total
Current Assets |
74.993
|
59.176 |
51.862 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
19.584
|
20.462 |
23.613 |
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Other Current Liabilities |
0.000
|
0.436 |
1.033 |
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Provisions |
23.708
|
15.108 |
4.229 |
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Total
Current Liabilities |
43.292
|
36.006 |
28.875 |
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Net Current Assets |
31.701
|
23.170 |
22.987 |
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MISCELLANEOUS EXPENSES |
0.162 |
0.186 |
0.208 |
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TOTAL |
114.140 |
95.434 |
81.498 |
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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 |
132.786 |
114.696 |
91.177 |
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Other Income |
0.171 |
0.096 |
0.060 |
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TOTAL (A) |
132.957 |
114.792 |
91.237 |
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Less |
EXPENSES |
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Cost of Material |
76.484 |
68.352 |
56.538 |
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Administrative and Other Expenses |
15.582 |
13.764 |
4.270 |
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Preliminary Expenses |
0.023 |
0.023 |
0.023 |
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TOTAL (B) |
92.089 |
82.139 |
60.831 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
40.868 |
32.653 |
30.406 |
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Less |
FINANCIAL
EXPENSES (D) |
5.544 |
6.776 |
4.497 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
35.324 |
25.877 |
25.909 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
3.298 |
2.426 |
1.412 |
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PROFIT BEFORE
TAX (E-F) (G) |
32.026 |
23.451 |
24.497 |
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Less |
TAX (I) |
10.568 |
10.395 |
4.642 |
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PROFIT AFTER TAX
(G-I) (J) |
21.458 |
13.056 |
19.855 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
16.13
|
11.37 |
21.76 |
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Net Profit Margin (PBT/Sales) |
(%) |
24.12
|
20.44 |
26.86 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
20.38
|
21.92 |
24.29 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.50
|
0.64 |
1.04 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.38
|
2.50 |
3.71 |
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Current Ratio (Current Asset/Current Liability) |
|
1.73
|
1.64 |
1.79 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors Details:
|
Particulars
|
Rs.
In Millions 31.03.2010 |
Rs.
In Millions 31.03.2009 |
Rs.
In Millions 31.03.2008 |
|
Sundry Creditors – Others |
19.584
|
20.462 |
23.613 |
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Form 8:
|
This form is for |
Creation of
charge |
|
Corporate identity
number of the company |
U21090MH2007PTC170609 |
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Name of the
company |
RENAULT PAPER
PRODUCTS PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
|
|
Type of charge |
Book Debts Immovable
Property Movable Property Floating Charge |
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Particular of
charge holder |
The Cosmos Co-op
Bank Ltd |
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Nature of description
of the instrument creating or modifying the charge |
Deed of
Hypothecation of Stock, Bookdebts and Machinery Deed of
Continuing Charge |
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Date of
instrument Creating the charge |
04/07/2008 |
|
Amount secured by
the charge |
Rs.22.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit:
12.50% p.a. or at such rate as maybe fixed by bank from time to time Term Loan :
12.50% p.a. or at such rate as maybe fixed by bank from time to time Terms of
Repayment Cash credit: On
demand subject to review within 12 months Term Loan: 45
Months Margin Cash credit: 25%
in bank's favour Term loan: 25% in
bank's favour Extent and
Operation of the charge Cash credit :
Rs.7.000 Millions Term Loan:
Rs.15.500 Millions |
|
Short particulars
of the property charged |
Hypo by way of
first charge all the borrowers stock in trade, raw materials, goods in
process, semi-manufactured and
manufactured goods semi - finished
products, bookebts , outstanding, bills , movable machinery, plant and
equipment with their accessories and spare parts at the borrowers place of
business S no 433, Village Mahim
Plaghar (W)or where ever else the same may be. Mortgage of Piece and parcel
of plot no B PIDCO Village Mahim, Palghar(W) Dist Thane more particularly
described in schedule. |
Fixed Assets:
- Computer
- Office Equipment
- Motor Car
- Scooter
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.44.99 |
|
|
1 |
Rs.73.23 |
|
Euro |
1 |
Rs.62.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
44 |
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.