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Report Date : |
25.04.2012 |
IDENTIFICATION DETAILS
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Name : |
POLYCHROIC PETROCHEMICALS PRIVATE LIMITED |
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Registered
Office : |
118, Satyam Estate, 35/A, Erandwana Off Karwe Road, Pune – 411038,
Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
20.11.2006 |
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Com. Reg. No.: |
11-129242 |
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Capital Investment
/ Paid-up Capital : |
Rs.1.000 Million |
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CIN No.: [Company Identification
No.] |
U25209PN2006PTC129242 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEP11870F |
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PAN No.: [Permanent Account No.] |
AAECP0861B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer and Exporter of Bulk Bags. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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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 130000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. There appears
some accumulated losses recorded by the company. However, trade relations are
reported as fair. Business is active. Payments are reported to be slow. The company can be considered for business dealings with some caution.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
LOCATIONS
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Registered Office : |
118, Satyam Estate, 35/A, Erandwana Off Karwe Road, Pune – 411038,
Maharashtra, India |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
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Website : |
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Factory : |
Plot No. 96 to 108, Gat No. 213, 214/1, 220 - 223, 235,
236, Markal Udyog Nagar, Village Markal Alandi Markal Road, Taluka
Rajgurunagar, District Pune – 412105, India |
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Tel. No.: |
91-20-25444155 |
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Fax No.: |
91-20-25466482 |
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E-Mail : |
DIRECTORS
As on 30.09.2011
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Name : |
Anirudha Balkrishna Joshi |
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Designation : |
Director |
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Address : |
Kshitij Mahant
Road Extension, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Date of Birth/Age : |
28.03.1969 |
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Date of Appointment : |
20.11.2006 |
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DIN No.: |
00187407 |
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Other Directorship :
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Name : |
Ms. Pallavi Aniruddha Joshi |
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Designation : |
Director |
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Address : |
Kshitij Mahant Road
Extension, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Date of Birth/Age : |
12.12.1971 |
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Date of Appointment : |
20.11.2006 |
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DIN No.: |
00265481 |
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Other Directorship :
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Name : |
Ms. Rajanee Balkrishna Joshi |
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Designation : |
Director |
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Address : |
Kshitij Mahant
Road Extension, Vile Parle (East), Mumbai-400057, Maharashtra, India |
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Date of Birth/Age : |
11.09.1947 |
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Date of Appointment : |
20.11.2006 |
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DIN No.: |
00433366 |
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Other Directorship :
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Name : |
Mr. Prasad Arun Hiralkar |
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Designation : |
Additional director |
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Address : |
RA 29, Manas
Sarovar No. 1, Co-operative Society, S. No 21/1 Garmal Dhayari, Pune-411041,
Maharashtra, India |
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Date of Birth/Age : |
30.04.1976 |
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Date of Appointment : |
12.11.2009 |
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DIN No.: |
01944431 |
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Other Directorship :
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2011
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Names of Shareholders |
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No. of Shares |
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Anirudha B. Joshi |
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130000 |
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Pallavi A. Joshi |
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25000 |
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Rajani B. Joshi |
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25000 |
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Total |
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180000 |
As on 22.02.2012
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Names of Allottees |
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No. of Shares |
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Anirudha B. Joshi |
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50000 |
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Total |
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50000 |
Equity Share Break up (Percentage of Total Equity)
As on 30.09.2011
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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 : |
Manufacturer and Exporter of Bulk Bags. |
GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
Bank of Maharashtra ·
Saraswat Co-operative Bank Limited ·
HDFC Bank ·
ING Vysya Bank Limited ·
State Bank of Hyderabad |
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Facilities : |
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Financial Institute : |
Kotak Mahindra Prime Limited |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
V. D. Lagu and Company Chartered Accountants |
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Address : |
3, Vaikhari Co-operative Housing Society, Hanuman Road, Vile Parle (East),
Mumbai – 400057, Maharashtra, India |
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PAN.: |
AAAPL1300J |
CAPITAL STRUCTURE
After 30.09.2011
Authorised Capital: Rs.2.500 Millions
Issued, Subscribed & Paid-up Capital:
Rs.2.500 Millions
As on 31.03.2011
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.10/- each |
Rs.1.000 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.000 |
1.000 |
1.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
40.500 |
42.114 |
15.300 |
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4] (Accumulated Losses) |
(8.701) |
(55.346) |
(13.290) |
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NETWORTH |
32.799 |
(12.232) |
3.010 |
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LOAN FUNDS |
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1] Secured Loans |
154.930 |
162.295 |
95.999 |
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2] Unsecured Loans |
103.266 |
90.900 |
58.384 |
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TOTAL BORROWING |
258.196 |
253.195 |
154.383 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
290.995 |
240.963 |
157.393 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
182.118 |
163.111 |
139.709 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.025 |
0.025 |
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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Inventories |
85.599
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37.678 |
22.847 |
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Sundry Debtors |
92.941
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79.190 |
25.872 |
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Cash & Bank Balances |
1.927
|
3.008 |
1.116 |
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Other Current Assets |
25.587
|
9.230 |
4.747 |
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Loans & Advances |
7.557
|
2.497 |
0.940 |
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Total
Current Assets |
213.611
|
131.603 |
55.522 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
81.274
|
44.027 |
37.953 |
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Other Current Liabilities |
22.459
|
10.007 |
0.000 |
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Provisions |
2.549
|
0.722 |
0.841 |
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Total
Current Liabilities |
106.282
|
54.756 |
38.794 |
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Net Current Assets |
107.329
|
76.847 |
16.728 |
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MISCELLANEOUS EXPENSES |
0.523 |
0.980 |
0.956 |
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TOTAL |
290.995 |
240.963 |
157.393 |
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PROFIT & LOSS
ACCOUNT
|
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PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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TURNOVER |
563.181 |
318.246 |
142.198 |
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PROFIT/
(LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
61.818 |
(27.658) |
(5.000) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
16.791 |
14.402 |
8.187 |
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PROFIT/ (LOSS)
FOR THE YEAR |
45.027 |
(42.060) |
(13.187) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NA |
193.496 |
NA |
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TOTAL EARNINGS |
NA |
193.496 |
NA |
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Earnings Per
Share (Rs.) |
450.27 |
NA |
NA |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.38
|
14.27 |
6.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
1.37
|
3.44 |
4.38 |
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Debt Equity Ratio (Total Liability/Networth) |
|
11.11
|
25.18 |
64.18 |
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Current Ratio (Current Asset/Current Liability) |
|
2.01
|
2.40 |
1.43 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available in Report (Yes / No) |
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1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
No |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
Yes |
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8) No. of employees |
No |
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9) Name of person contacted |
No |
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10) Designation of contact person |
No |
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11) Turnover of firm for last three years |
Yes |
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12) Profitability for last three years |
Yes |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
No |
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17) Major suppliers |
No |
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18) Major customers |
No |
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19) Payments terms |
No |
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20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
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22) Litigations that the firm / promoter |
-- |
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23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
Yes |
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29) Last accounts filed at ROC |
Yes |
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30) Major Shareholders, if available |
Yes |
FINANCIAL RESULTS
During the year the
company had achieved the Turnover of Rs.563.181 Millions as against Rs.318.246
Millions for the previous year. The Directors are hopeful of better performance
in the coming years.
Bankers Charges
Report as per Registry
|
Corporate identity
number of the company |
U25209PN2006PTC129242 |
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Name of the
company |
Polychroic
Petrochemicals Private Limited |
|
Address of the
registered office or of the principal place of business in |
118 SATYAM ESTATE35/A
ERANDWANA OFF, KARWE ROAD, PUNE Maharashtra INDIA 411038 aditpoly@vsnl.com |
|
This form is for |
Modification of
charge |
|
Charge
identification (ID) number of the charge to be modified |
10322081 |
|
Type of charge |
Immovable
Property Book Debts Stock of RM,
SIP,FG, P and M etc. |
|
Particular of
charge holder |
Axis Bank
Limited, Axis House, Gr. Flr,
Bombay Dyeing Mills Compound, Pandurang
Budhkar Marg, Worli, Mumbai-
400025, Maharashtra, India Email : suyashri@vsnl.com
|
|
Nature of
instrument creating charge |
No Instrument.
Memorandum of Entry {MOE} Equitable Mortgage of Property by deposit of title
deeds on 13.02.2012 |
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Date of
instrument Creating the charge |
13.02.2012 |
|
Amount secured by
the charge |
Rs.313.200
Millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest As per Sanction
Letter No. AXIS/ADV/WEST/AM/1004/2011-12 dated 29.10.11 and
AXIS/ADV/WEST/AM/1004A/2011-12 dated 24.11.11 and any Amendments thereto or
As stipulated by Bank from time to time Terms of
Repayment As per Sanction
Letter No. AXIS/ADV/WEST/AM/1004/2011-12 dated 29.10.11 and
AXIS/ADV/WEST/AM/1004A/2011-12 dated 24.11.11 and any Amendments thereto or
As stipulated by Bank from time to time Margin As per Sanction
Letter No. AXIS/ADV/WEST/AM/1004/2011-12 dated 29.10.11 and
AXIS/ADV/WEST/AM/1004A/2011-12 dated 24.11.11 and any Amendments thereto or
As stipulated by Bank from time to time Extent and
Operation of the charge Credit facilities
aggregating to Rs.313.200 Millions are further secured by deposit of title
deeds in respect of Immovable Property of Company viz. Factory Land, Building
and Construction on Plot No. 96 to 109, 144 to 146, 148 to 157, 159 Gat No.'s
213, 214/1, 220 to 230, 235, 236 and Plot No.10, 11 to 15, Gat No.s 213, 214,
220 to 223, 235 and 236 situated at Markal Udyog Nagar, Village Markal,
Alandi Market Road, District Pune and off. No.1 in the Omkar Corner Apartment
Condominium situated at Sadashiv Peth, Pune, Maharashtra, India Others The aforesaid
immovable properties are given as security by way of 1st and Exclusive charge
in favour of the Axis Bank to secure various limits (detailed in MOE)
aggregating to Rs.313.200 Millions |
|
Short particulars
of the property or asset(s) charged (including complete address and location
of the property) |
1st Charge on
present and future stocks of RM, SIP, FG such as PP woven sacks and related,
other Current Assets etc. lying at Company's premises or in transit. 1st Charge on
present and future O/s monies, book debts, receivable, claims etc. due and
owing to the Company in course of its business. 1st Charge on
present and future movable fixed assets consisting P and M, Fixtures, fitting
etc. lying at Company's premises or in transit 1st and Exclusive
charge on Factory land and Bldg. at Plot No. 96 to 109,144 to 146,148 to
157,159 Gat No.'s 213,214/1, 220 to 230, 235, 236 at Markal Udyog Nagar,
Village Markal, Alandi Market Road, District Pune, Maharashtra, India 1st and Exclusive
charge on Factory land and Cons. at Plot No.10 and plot no.11 to 15, Gat No.s
213, 214, 220 to 223, 235 and 236 Markal Udyog Nagar, Vill. Markal, Alandi
Market Road, District Pune, Maharashtra, India 1st and Exclusive
charge on Office at Appt no.1 at 'The Omkar Corner Apartment Condominium'
situated at Sadashiv Peth, Pune. |
|
Particulars of
the present modification |
Credit facilities
aggregating to Rs.313.200 Millions are further secured by deposit of title
deeds in respect of Immovable Property of Company viz. Factory Land, Building
and Construction on Plot No. 96 to 109, 144 to 146, 148 to 157, 159 Gat No.'s
213, 214/1, 220 to 230, 235, 236 and Plot No.10, 11 to 15, Gat No.s 213, 214,
220 to 223, 235 and 236 situated at Markal Udyog Nagar, Village Markal,
Alandi Market Road, District Pune and off. No.1 in the Omkar Corner Apartment
Condominium situated at Sadashiv Peth, Pune, Maharashtra, India |
FIXED ASSETS
·
Computer
·
Factory Building
·
Furniture and Fixture
·
Land
·
Land Development
·
Office Factory Equipment
·
Plant and Machinery
·
Staff Quarters
·
New Office Premises
·
Car- Skoda Super
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.52.79 |
|
|
1 |
Rs.85.17 |
|
Euro |
1 |
Rs.69.53 |
INFORMATION DETAILS
|
Information
Gathered by : |
-- |
|
|
|
|
Report Prepared
by : |
CTI |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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.