1. Summary Information
|
|
|
Country |
|
|
Company Name |
PRASOL CHEMICALS
LIMITED |
Principal Name 1 |
Mr. Nishith Rajnikant Shah |
|
Status |
Satisfactory |
Principal Name 2 |
Mr. Bhisham Vedprakash Gupta |
|
|
|
Registration # |
11-65026 |
|
Street Address |
Prachi House,
Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC, Mumbai - 400 710, |
||
|
Established Date |
24.01.1992 |
SIC Code |
-- |
|
Telephone# |
91-22-27782555 /
30907194 / 27782430 |
Business Style 1 |
Manufacturer and Supplier of Chemicals and
Pharmaceuticals and Lubricant Oil Additives. |
|
Fax # |
91-22-27782430 |
Business Style 2 |
-- |
|
Homepage |
Product Name 1 |
Phosphorus Pentasulphide |
|
|
# of employees |
250 |
Product Name 2 |
Phosphorus Pentoxide |
|
Paid up capital |
Rs.
27,293,000 |
Product Name 3 |
Phosphorus Pentachloride |
|
Shareholders |
Directors or relatives of
directors (82.50 %) |
Banking |
Citibank N.A Andhra Bank |
|
Public Limited Corp. |
No |
Business Period |
19 years |
|
IPO |
-- |
International Ins. |
- |
|
Public |
-- |
Rating |
Ba
(45) |
|
Related
Company |
|||
|
Relation
- Associates/Subsidiaries |
Country
|
Company
Name |
ACP Computers (Private) Limited |
|
Note |
- |
||
2. Summary
Financial Statement
|
Balance Sheet as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Assets |
Liabilities |
||
|
Current Assets |
230,735,000 |
Current Liabilities |
184,533,000 |
|
Inventories |
131,299,000 |
Long-term Liabilities |
156,031,000 |
|
Fixed Assets |
221,861,000 |
Other Liabilities |
31,630,000 |
|
Deferred Assets |
-- |
Total Liabilities |
372,194,000 |
|
Invest& other Assets |
51,583,000 |
Retained Earnings |
235,991,000 |
|
|
|
Net Worth |
263,284,000 |
|
Total Assets |
635,478,000 |
Total Liab. & Equity |
635,478,000 |
|
Total Assets (Previous Year) |
428,425,000 |
|
|
|
P/L Statement as of |
31.03.2010 |
(Unit: Indian Rs.) |
|
|
Sales |
1,052,049,000 |
Net Profit |
53,867,000 |
|
Sales(Previous yr) |
890,423,000 |
Net Profit(Prev.yr) |
43,854,000 |
MIRA
INFORM REPORT
|
Report Date : |
22.03.2011 |
IDENTIFICATION DETAILS
|
Name : |
PRASOL CHEMICALS LIMITED |
|
|
|
|
Formerly Known As : |
PRACHI POLY PRODUCTS LIMITED |
|
|
|
|
Registered Office : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai - 400 710, |
|
|
|
|
Country : |
|
|
|
|
|
Financials (as on) : |
31.03.2010 |
|
|
|
|
Date of Incorporation : |
24.01.1992 |
|
|
|
|
Com. Reg. No.: |
11-65026 |
|
|
|
|
CIN No.: [Company
Identification No.] |
U99999MH1992PLC065026 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP06256F |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAACP2389N |
|
|
|
|
Legal Form : |
A closely held public limited liability company. |
|
|
|
|
Line of Business : |
Manufacturer and Supplier of Chemicals and
Pharmaceuticals and Lubricant Oil Additives. |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 1053136 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered good for normal 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) |
|
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Kiran Parikh |
|
Designation : |
Finance Manager |
|
Contact No.: |
91-9867671362 |
LOCATIONS
|
Registered Office / Corporate Office / R and D Division : |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai - 400 710, |
|
Tel. No.: |
91-22-27782555 / 30907194 /
27782430 |
|
Mobile No.: |
91-9867671362 (Mr. Kiran Parikh) |
|
Fax No.: |
91-22-27782430 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
5000 Sq. ft. |
|
Location : |
Leased |
|
|
|
|
Hazardous
Chemical Warehouse : |
Located at Navi Mumbai |
|
|
|
|
Factory : |
|
|
Tel. No.: |
952192-266061 |
|
Fax No.: |
952192-264125 |
|
Area : |
Approximately 5 Acre |
|
Location : |
Owned |
|
|
|
|
Corporate
Office/ R & D Division : |
Prasol House, Plot No. A-17/2/3, T.T.C.
Industrial Area, Khairane, MIDC, Navi Mumbai – 400 701, |
|
Tel. No.: |
91-22-30907194/27782430/27782555 |
DIRECTORS
AS ON 23.09.2010
|
Name : |
Mr.
Nishith Rajnikant Shah |
|
Designation : |
Chairman |
|
Address : |
41, Valentina, |
|
Date of Birth/Age : |
21.06.1959 |
|
Date of Appointment : |
24.01.1992 |
|
|
|
|
Name : |
Mr.
Bhisham Vedprakash Gupta |
|
Designation : |
Managing
Director |
|
Address : |
12, Sapna, Sector 4, Vashi, Navi Mumbai – 400 705, |
|
Date of Birth/Age : |
15.02.1938 |
|
Date of Appointment : |
01.01.1995 |
|
|
|
|
Name : |
Mr. Gaurang Natwarlal Parikh |
|
Designation : |
Joint Managing Director |
|
Address : |
Block No. 15, |
|
Date of Birth/Age : |
09.02.1973 |
|
Date of Appointment : |
09.08.2001 |
|
|
|
|
Name : |
Mr. Jatin Narendra Parikh |
|
Designation : |
Whole Time Director (Director Finance ) |
|
Address : |
43, Valentina, |
|
Date of Birth/Age : |
04.04.1948 |
|
Date of Appointment : |
10.02.1992 |
|
|
|
|
Name : |
Mr. Tushar Natverlal Dharia |
|
Designation : |
Director |
|
Address : |
9/34, Dhanvantari Bhavan, August Kranti Marg, Mumbai –
400036, |
|
Date of Birth/Age : |
25.11.1956 |
|
Date of Appointment : |
24.01.1992 |
|
|
|
|
Name : |
Mr. Sharad Dhirajlal Mehta |
|
Designation : |
Director |
|
Address : |
A-3, Vasundhara, |
|
Date of Birth/Age : |
02.07.1934 |
|
Date of Appointment : |
10.02.1992 |
|
|
|
|
Name : |
Mr. Nishith Rasiklal Dharia |
|
Designation : |
Director |
|
Address : |
9, Navgayatri, |
|
Date of Birth/Age : |
13.10.1957 |
|
Date of Appointment : |
10.02.1992 |
|
|
|
|
Name : |
Mr. Mangalshi Mathuradas Amarshi |
|
Designation : |
Director |
|
Address : |
23, |
|
Date of Birth/Age : |
22.11.1929 |
|
Date of Appointment : |
10.02.1992 |
|
|
|
|
Name : |
Mr. Suketu Navinchand Parikh |
|
Designation : |
Director |
|
Address : |
Navjivan Co-Operative Housing Society, 7th Floor,
Building11, |
|
Date of Birth/Age : |
27.09.1963 |
|
Date of Appointment : |
19.02.1998 |
|
|
|
|
Name : |
Mr. Dhaval Nalin Parikh |
|
Designation : |
Whole Time Director |
|
Address : |
9, Dasheshwar, 118/20, |
|
Date of Birth/Age : |
11.11.1980 |
|
Date of Appointment : |
31.05.2007 |
KEY EXECUTIVES
|
Name : |
Mr. Kiran Parikh |
|
Designation : |
Finance Manager |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
|
Category |
|
Percentage |
|
|
|
|
|
Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
|
1.83 |
|
Bodies corporate |
|
0.87 |
|
Directors or relatives of directors |
|
82.50 |
|
Other top fifty shareholders |
|
11.92 |
|
Others |
|
2.88 |
|
Total
|
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Supplier of Chemicals and
Pharmaceuticals and Lubricant Oil Additives. |
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Products : |
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Exports : |
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Countries : |
·
·
·
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Imports : |
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Products : |
Raw Material
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Countries : |
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Terms : |
|
||||||||||||
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Selling : |
L/C |
||||||||||||
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|
||||||||||||
|
Purchasing : |
L/C
and Credit (60 days) |
PRODUCTION STATUS
AS ON 31.03.2009
|
Particulars |
Unit |
Installed
Capacity |
Actual
Production |
|
Phosphorus Compounds |
(Tonnes) |
9600 |
3774 |
|
Acetone Compounds |
(Tonnes) |
8000 |
3979 |
|
Others |
(Tonnes) |
NA |
800 |
NOTE
1) Installed capacity is as certified by the management is based on estimated production of a product if the entire plant and machinery working on continuous basis exclusively for the product in a year.
2) Production includes quantities produced for Captive Consumption.
GENERAL INFORMATION
|
Customers : |
Manufacturer |
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No. of Employees : |
250 (Contract
Workers Approximately 75) |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Bankers : |
·
Citibank N.A., Trent House, 2nd Floor,
G Block, Plot No.C60, Bandra Kurla Complex, Bandra (E), Mumbai – 400051,
Maharashtra, India ·
Andhra Bank o
Perseploise, Plot No. 74, Sector 17, Vashi, Navi
Mumbai – 400 703, o
Ghatkopar (West) Branch, Mumbai – 400 086, ·
Bank of ·
ABN Amro Bank, ·
HDFC Bank ·
ICICI Bank Limited |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Facilities : |
NOTE 1. Andhra Bank term loans and Citibank Term loans are secured by way of first pari passu charge by creating mortgage by deposit of title deeds of land and buildings situated at village Honad Khopoli and Khaime, Navi Mumbai and first pari passu charge by way of hypothecation of tangible movable machinery and plant (both present and future) whether installed or not and whether lying loose or in cases at site or in transit or in borrowers premises and godowns. 2 Andhra Bank Cash Credit ,Citi Bank Cash Credit, (k Packing Credit, and ABN Amro Bank Cash Credit secured by IInd Pari Passu charge by way of hypothecation of stocks and book debts and further IId Pari Passu charge on Fixed Assets of the company pertaining to Khopoli unit and Khaime, Navi Mumbai by hypothecation of movable machinery and further secured by IInd pari Passu charge by way of creating mortgage by way of deposit of title deeds of lands and building situated at village Honad and Khairne , Navi Mumbai, Maharashtra, India 3. Buyer's Credit Secured by Bank Guarantee 4. Car Loans are secured by way of hypothecation of car 5. Out of above secured loans amount repayable within a year Rs. 9.430 millions (Previous Year Rs. 41.221 millions)
NOTE The sales tax interest free loan from the Maharashtra State Government
under the sales tax deferment scheme and repayment started from May 2008. |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
|
|
Name : |
N. I. Parekh and Company Chartered Accountant |
|
Address : |
E, Ground Floor, Mangalam, 155, Jain Society, Sion (West),
Mumbai-400022, |
|
|
|
|
Associates/Subsidiaries : |
|
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
40,00,000 |
Equity Share |
Rs.10/- Each |
Rs.40.000 millions |
|
|
|
|
|
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
27,29,309 |
Equity Share |
Rs.10/- Each |
Rs.27.293
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 |
|
|
|
|
|
1] Share Capital |
27.293 |
21.834 |
21.834 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
235.991 |
163.108 |
125.909 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
263.284 |
184.942 |
147.743 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
86.803 |
105.869 |
153.270 |
|
|
2] Unsecured Loans |
69.228 |
6.330 |
6.322 |
|
|
TOTAL BORROWING |
156.031 |
112.199 |
159.592 |
|
|
DEFERRED TAX LIABILITIES |
31.630 |
26.374 |
16.905 |
|
|
|
|
|
|
|
|
TOTAL |
450.945 |
313.515 |
324.240 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
221.861 |
209.297 |
124.107 |
|
|
Capital work-in-progress |
51.583 |
6.644 |
91.859 |
|
|
|
|
|
|
|
|
INVESTMENT |
0.000 |
0.000 |
0.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
131.299
|
54.030
|
81.563 |
|
|
Sundry Debtors |
188.845
|
128.179
|
131.379 |
|
|
Cash & Bank Balances |
4.747
|
6.470
|
3.853 |
|
|
Other Current Assets |
0.000
|
0.000
|
0.000 |
|
|
Loans & Advances |
37.143
|
23.805
|
20.134 |
|
Total
Current Assets |
362.034
|
212.484 |
236.929 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
158.755
|
95.951 |
115.162 |
|
|
Current Liabilities |
4.733
|
3.253
|
2.913 |
|
|
Provisions |
21.045
|
5.706
|
10.580 |
|
Total
Current Liabilities |
184.533
|
104.910 |
128.655 |
|
|
Net Current Assets |
177.501
|
107.574
|
108.274 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
450.945 |
323.515 |
324.240 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
1052.049 |
890.423 |
634.005 |
|
|
|
Other Income |
14.224 |
9.417 |
5.544 |
|
|
|
TOTAL (A) |
1066.273 |
899.840 |
639.549 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
Material Cost |
764.947 |
640.738 |
482.648 |
|
|
|
Manufacturing Expenditure |
111.601 |
84.161 |
52.026 |
|
|
|
Personnel Expenditure |
26.025 |
21.704 |
17.426 |
|
|
|
Administrative Expenditure |
18.988 |
13.861 |
11.526 |
|
|
|
Selling and Distribution Expenditure |
34.612 |
23.717 |
21.084 |
|
|
|
TOTAL (B) |
956.173 |
784.181 |
584.710 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
110.100 |
115.659 |
54.839 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
15.795 |
36.982 |
12.939 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
94.305 |
78.677 |
41.900 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
12.537 |
11.494 |
6.879 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
81.768 |
67.183 |
35.021 |
|
|
|
|
|
|
|
|
|
Less |
TAX (I) |
32.255 |
23.329 |
12.390 |
|
|
Add |
Excess Income
Tax Provision Written Back |
3.803 |
-- |
-- |
|
|
|
Depreciation
Written Back |
0.551 |
-- |
-- |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-I) (J) |
53.867 |
43.854 |
22.631 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
123.023 |
90.324 |
76.852 |
|
|
|
|
|
|
|
|
|
Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Interim Dividend |
-- |
3.275 |
0.000 |
|
|
|
Tax on Interim Dividends |
-- |
0.557 |
0.000 |
|
|
|
Proposed Final Dividend |
7.096 |
2.183 |
4.367 |
|
|
|
Tax on Proposed Dividend |
1.178 |
0.370 |
0.742 |
|
|
|
Income Tax-Earlier Reserve |
-- |
0.270 |
0.049 |
|
|
|
Transfer to General Reserve |
5.500 |
4.500 |
4.000 |
|
|
BALANCE CARRIED
TO THE B/S |
163.116 |
123.023 |
90.324 |
|
|
|
|
|
|
|
|
|
|
EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
NA |
72.217 |
66.901 |
|
|
|
Commission |
NA |
1.627 |
0.208 |
|
|
TOTAL EARNINGS |
NA |
73.844 |
67.109 |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
359.171 |
319.243 |
|
|
TOTAL IMPORTS |
NA |
359.717 |
319.243 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
22.77 |
20.08 |
10.98 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
5.05 |
4.87 |
3.54 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
7.77 |
7.55 |
5.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
14.00 |
15.93 |
9.70 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.31 |
0.36 |
0.24 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
1.29 |
1.17 |
1.95 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.96 |
2.03 |
1.84 |
LOCAL AGENCY FURTHER INFORMATION
Registered Office of the
company has been shifted from 107, Chawla Warehouse, Sector 18, Mafco Area,
Vashi, Navi Mumbai-400105,
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U99999MH1992PLC065026 |
||||||
|
Name of the
company |
PRASOL CHEMICALS LIMITED |
||||||
|
Address of the
registered office or of the principal place of business in |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai - 400 710, |
||||||
|
This form is for |
Modification of
charge |
||||||
|
Type of charge |
Book debts Movable property Floating charge |
||||||
|
Particular of
charge holder |
|
||||||
|
Nature of
instrument creating charge |
Supplementary
deed of hypothecation of Moveable Assets |
||||||
|
Date of
instrument Creating the charge |
27.11.2010 |
||||||
|
Amount secured by
the charge |
Rs. 200.000
Millions |
||||||
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest Credit facilities
: Interest / Commission - As agreed by and with the Bank from time to time. Terms of
Repayment As agreed by and
with the Bank from time to time. Margin As applicable, if
any. Extent and
Operation of the charge A) First pari
passu charge over Current Assets (inventory and receivable) of the Company,
both present and future. B) Second pari
passu charge over moveable fixed assets of the Company, both present and
future. Others Nil |
||||||
|
Particulars of
the property charged |
A) First pari
passu charge over Current Assets (inventory and receivable) of the Company,
both present and future. B) Second pari
passu charge over moveable fixed assets of the Company, ..... both present and
future. |
||||||
|
Date of instrument
modifying the charge |
02.03.2010 |
||||||
|
Particulars of
the present modification |
By present
modification, the existing charge of Rs.150.000 millions is enhanced to Rs.
200.000 millions. |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
10006267 |
|
Corporate
identity number of the company |
U99999MH1992PLC065026 |
|
Name of the
company |
PRASOL CHEMICALS LIMITED |
|
Address of the
registered office or of the principal place of business in |
Prachi House, Plot No. A-17/2/3, TTC Industrial Estate, Khairne MIDC,
Mumbai - 400 710, |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citibank N.A., Citi Business, Citi Bank
Centre, 2nd Floor, Bandra Kurla Complex, Bandra (E), Mumbai – 400
051, Maharashtra, India Email ID: vlaxman@vsnl.com |
|
Nature of description
of the instrument creating or modifying the charge |
Deed of
Modification |
|
Date of
instrument Creating the charge |
13.05.2009 |
|
Amount secured by
the charge |
Rs.133.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Interest to be
charged at such rate/s as may be determined by the Bank from time to time. Terms of
Repayment On Demand Margin As may be
stipulated by Bank from time to time. Extent and
Operation of the charge The charge
secured by way of first Pari Passu charge on Current Assets (including
stocks, book debts) and second pari passu charge on Movable fixed Assets (including Plant and Machinery, office
equipment, furniture and fixtures etc.) both present and future hypothecated
to the Bank more particularly described in Column No. 14 as and as security
for the repayment of Rs.133.000 millions Others The charge created
herein for Rs. 133.000 Millions favour of Citibank shall rank pari passu on
first charge basis over current assets and on second pari passu basis on
movable fixed assets with the charges created in favour of Andhra Bank and
ABN Amro Bank for their fund and non-fund facilities of Rs. 82.500 millions
and 90.000 millions respectively. |
|
Short particulars
of the property charged |
Hypothecation by
way of first Pari Passu charge on Current Assets (including stocks, book
debts) and second pari passu charge on Movable fixed Assets (including Plant and Machinery, office
equipment, furniture and fixtures etc.) both present and future |
|
Date of latest
modification prior to the present modification |
21.06.2007 |
FIXED
ASSETS
·
Land
·
·
·
Lab Equipment
·
Air Conditioner
·
Telephone System
·
Office Equipment
·
Plant and Machinery
·
Furniture and Fixture
·
Vehicles
·
Computers
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.44.49 |
|
|
1 |
Rs.70.40 |
|
Euro |
1 |
Rs.61.56 |
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 |
YES |
|
--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.