|
Report Date : |
17.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
KANDLA POLYPLAST (INDIA) PRIVATE LIMITED (w.e.f. 27.02.1997) |
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Formerly Known
As : |
KHANDLA POLYPLAST ( |
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Registered
Office : |
301 3rd Floor, 52, Kalina , Santacruz (East), Mumbai – 400029, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
27.02.1997 |
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Com. Reg. No.: |
11-106194 |
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Capital
Investment/ Paid-up Capital: |
Rs.0.500 Millions |
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CIN No.: [Company Identification
No.] |
U25200MH1997PTC106194 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMK017107C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged with Recycling of Plastic |
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No. of
Employees: |
100 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (42) |
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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 36000 |
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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 for small 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.
INFORMATION PARTED BY (General Detail)
|
Name : |
Mr. Mustaq |
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Designation : |
Director |
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Contact No.: |
91-9820043955 |
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Date : |
16.04.2012 |
LOCATIONS
|
Registered Office : |
301 3rd Floor, 52, Kalina , Santacruz (East), Mumbai – 400029, |
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Tel. No.: |
91-22-27630272/ 26664286 |
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Mobile No.: |
91-9820043955 (Mr.Mustaq) |
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Fax No.: |
91-22-27630279/ 26664566 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory : |
318-319, Marshalling Yard, Kandia Special Economic Zone, kutch –
370201, |
DIRECTORS
As on: 29.09.2011
|
Name : |
Mr. Mustaq Jafferali Hemani |
|
Designation : |
Director |
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Address : |
52, Kalina, Santacruz (East), Mumbai – 400029, |
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Date of Birth/Age : |
16.11.1960 |
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Date of Appointment : |
27.02.1997 |
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DIN No : |
01936212 |
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Name : |
Mr. Subhashbhai Sevaram Bhavnani |
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Designation : |
Director |
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Address : |
3/6. |
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Date of Birth/Age : |
26.06.1936 |
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Date of Appointment : |
25.08.2005 |
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DIN No : |
02300942 |
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Name : |
Mr. Ajay Rambiharilal Gupta |
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Designation : |
Director |
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Address : |
C-48, NU-4, Sapna Nagar, Gandhindham – 370201, |
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Date of Birth/Age : |
19.07.1964 |
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Date of Appointment : |
25.08.2005 |
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DIN no : |
00762644 |
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on: 29.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Mustaq Jafferali Hemani |
|
22500 |
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Subhashbhai Sevaram Bhavnani |
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22500 |
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Ajay Rambiharilal Gupta |
|
5000 |
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Total |
|
50000 |
As on: 29.09.2011
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Category |
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Percentage |
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Directors or relatives of directors |
|
100.00 |
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Total
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|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged with Recycling of Plastic |
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Exports : |
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Products : |
Plastic Products |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash and Credit (30 days) |
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Purchasing : |
Cash and Credit (30 days) |
PRODUCTION STATUS
As on 31.03.2011
|
Particulars |
Unit |
Actual
Production |
|
Recycled Plastic Granules/ Agglomerates |
Metric Tonnes |
2556.029 |
|
PET bottle Plastic Granules/ Agglomerates |
Metric Tonnes |
94.637 |
GENERAL INFORMATION
|
Customers : |
Wholesalers and Retailers |
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No. of Employees : |
100 (Approximately) |
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Bankers : |
The Federal Bank Limited, P.B.No.17387, A-8, Laram Centre, S.V.Road,
Andheri (West), Mumbai – 400028, Maharashtra, India |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Javed Nathani Chartered Accountant |
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Address : |
12, Newlight, 62-B, Kalina, Santacruz (East), Mumbai – 400029, |
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Tel No : |
91-22-26668347 |
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91-9892616949 |
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E-Mail : |
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PAN no : |
AABPN0035H |
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CAPITAL STRUCTURE
As on: 29.09.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
50000 |
Equity Share |
Rs.10/- each |
Rs.0.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
8.534 |
7.830 |
7.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.00 |
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NETWORTH |
9.034 |
8.330 |
7.685 |
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LOAN FUNDS |
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|
1] Secured Loans |
12.671 |
12.003 |
9.211 |
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2] Unsecured Loans |
9.208 |
6.194 |
6.317 |
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TOTAL BORROWING |
21.879 |
18.197 |
15.528 |
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DEFERRED TAX LIABILITIES |
0.854 |
0.825 |
0.823 |
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TOTAL |
31.767 |
27.352 |
24.036 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.443 |
5.062 |
5.413 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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|
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Inventories |
27.486
|
19.302 |
31.607 |
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Sundry Debtors |
23.511
|
8.668 |
2.796 |
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Cash & Bank Balances |
0.529
|
1.841 |
1.015 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
2.300
|
9.603 |
5.155 |
|
Total
Current Assets |
53.826
|
39.414 |
40.573 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
19.054
|
8.959 |
12.932 |
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Other Current Liabilities |
9.102
|
7.840 |
7.613 |
|
|
Provisions |
0.346
|
0.325 |
1.405 |
|
Total
Current Liabilities |
28.502
|
17.124 |
21.950 |
|
|
Net Current Assets |
25.324
|
22.290 |
18.623 |
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|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
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|
|
|
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TOTAL |
31.767 |
27.352 |
24.036 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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|
SALES |
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|
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|
Income |
114.489 |
109.891 |
178.971 |
|
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Other Income |
0.000 |
0.011 |
0.713 |
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|
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TOTAL (A) |
114.489 |
109.902 |
179.684 |
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|
|
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|
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|
Less |
EXPENSES |
|
|
|
|
|
|
|
Operating Expenses |
110.968 |
106.833 |
174.032 |
|
|
|
TOTAL (B) |
110.968 |
106.833 |
174.032 |
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|
|
|
|
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|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
3.521 |
3.069 |
5.652 |
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|
|
|
|
|
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|
Less |
FINANCIAL EXPENSES (D) |
1.928 |
1.685 |
1.183 |
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|
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|
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|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
1.593 |
1.384 |
4.469 |
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|
|
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|
|
|
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|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.514 |
0.429 |
0.396 |
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|
|
|
|
|
|
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|
PROFIT BEFORE
TAX (E-F) (G) |
1.079 |
0.955 |
4.073 |
|
|
|
|
|
|
|
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|
Less |
TAX (H) |
0.375 |
0.310 |
1.422 |
|
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
(G-H) (I) |
0.704 |
0.645 |
2.651 |
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|
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|
|
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
7.830 |
7.185 |
4.534 |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
8.534 |
7.831 |
7.185 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
14.08 |
12.90 |
53.02 |
|
|
Particulars |
|
|
31.03.2012 |
|
Sales Turnover (Approximately) |
|
|
180.000 |
Expected Sales (2012-2013) : Rs.250.000 Millions
The above information has been parted by Mr. Mustaq
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.61
|
0.59 |
1.47 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.94
|
0.87 |
2.28 |
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|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
1.79
|
2.15 |
8.86 |
|
|
|
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|
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.11 |
0.53 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
5.58
|
4.24 |
4.88 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.89
|
2.30 |
1.85 |
LOCAL AGENCY FURTHER INFORMATION
Details of Sundry
Creditors
(Rs. In Millions)
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sundry Creditors |
19.054 |
8.959 |
12.932 |
|
|
|
|
|
|
Available
in Report [Yes/No] |
|
|
Year
of Establishment |
Yes |
|
Locality
of the Firm |
Yes |
|
Construction
of the firm |
No |
|
Premises
details |
Yes |
|
Type
of Business |
Yes |
|
Line
of Business |
Yes |
|
Promoters
background |
Yes |
|
No.
of Employees |
Yes |
|
Name
of Person Contacted |
Yes |
|
Designation
of contact person |
Yes |
|
Turnover
of firm for last three years |
Yes |
|
Profitability
for last three years |
Yes |
|
Reasons
for variation <> 20% |
- |
|
Estimation
for coming financial year |
Yes |
|
Capital
the business |
Yes |
|
Details
of sister concerns |
No |
|
Major
Suppliers |
No |
|
Major
Customers |
No |
|
Payment
Terms |
Yes |
|
Export
/ Import Details [If Applicable] |
Yes |
|
Market
Information |
- |
|
Litigations
that the firm / promoter involved in |
- |
|
Banking
Details |
Yes |
|
Banking
Facility Details |
Yes |
|
Conduct
of the banking account |
- |
|
Buyer
visit details |
- |
|
Financials,
if provided |
Yes |
|
Incorporation
details, if applicable |
Yes |
|
Last
accounts filed at ROC |
Yes |
|
Major
Shareholders, if applicable |
Yes |
Operations:
The company continued its manufacturing and
business operations during the year and earned a profit after tax during the year
to the extent of Rs.0.704 Million after which an amount of Rs.8.534 Millions
has been carried forward to the next year as a credit balance in the Profit and
Loss account.
Bankers Charges
Report as per Registry
|
Corporate identity
number (CIN) or foreign company registration
number of the company |
U25200MH1997PTC106194 |
|
Name of the
company |
KANDLA POLYPLAST
( |
|
Address of the
registered office or of the principal place of business in |
301 3rd Floor, 52, Kalina , Santacruz (East), Mumbai – 400029, E-mail : kpipl@bom5.vsnl.net.in
|
|
This form is for |
Modification
of charges |
|
Charge
identification (ID) number of the charge to be modified |
90146396 |
|
Type of charge |
Book debts Others |
|
Particular of
charge holder |
The Federal Bank
Limited, P.B.No. 17387, A-8, Laram Centre, S.V.Road, Andheri (West), MumbaI –
400028, E-mail: info@ca-adlalwani.com |
|
Nature of
instrument creating charge |
1.Agreement of
cash credit/overdraft/demand loan 2.Bank letter for
overall limit (all the above
agreement constitute a single charge) |
|
Date of
instrument Creating the charge |
07.07.2011 |
|
Amount secured by
the charge |
Rs.14.500
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest Base rate +5.00,
minimum interest rate =14.97 %% and / or as stipulated by bank from time to
time Terms of
repayments As stipulated by
Bank from time to time Margin As stipulated by
Bank from time to time Extent and
operation of charge First charge (present
and future)=total ODCC limit Rs.14.500 Millions and/or as stipulated by Bank
from time to time Others As stipualted by
Bank from time to time and as per agreement attached and as per sanction
letter of the Bank |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
First
charge(present and future)=(1)hypothecation of all
stock/goods/inventory/products
including goods brought under l.c. or PCL or bank finance kept at
borrower place or wherever else or in transit Hypothecation of
all book debts and receivables including export documentary bills Hypothecation of
all current and movable Assets |
|
Particulars of
the present modification |
By this
modification enhanced limit Rs.11.500 Millions to Rs.14.500 Millions (ODCC),securities
are continued as given by original
charge as well as by modifications, by this modification adhoc limit of
Rs.3.000 Millions was given is regularised ,terms and conditions as per
agreement attached and as per sanction letter of the Bank |
Fixed Assets:
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.51.66 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.67.18 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
No |
|
--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 |
|
42 |
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.