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Report Date : |
24.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
VIPUL CHEMICALS (INDIA) PRIVATE LIMITED |
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Registered
Office : |
Gala No. 113, Building No. 2, Sector – 3, Millenium Business Park,
Mahape, Navi Mumbai – 400701, Maharashtra |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
24.09.1999 |
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Com. Reg. No.: |
11-121912 |
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Capital
Investment / Paid-up Capital : |
Rs.20.000
Millions |
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CIN No.: [Company Identification
No.] |
U24110MH1999PTC121912 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMV10085F |
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PAN No.: [Permanent Account No.] |
AAACV8512B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturing and Producing of Chemicals and Labour
Charges. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (47) |
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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 310000 |
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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 – 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 : |
Gala No. 113, Building No. 2, Sector – 3, Millenium Business Park,
Mahape, Navi Mumbai – 400701, Maharashtra, India |
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Tel. No.: |
91-22-27781511/ 27781779/ 27781509 |
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Fax No.: |
91-22-27781500/ 27781779/ 27781509 |
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E-Mail : |
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Area : |
738.10 Sq. Ft. |
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Location : |
Owned |
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Factory 1 : |
Plot No. C-101, TTC Industrial Area, Pawne, MIDC, Navi
Mumbai – 400 705, Maharashtra, India |
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Tel. No.: |
91-22-27781510 / 11 / 27781509
/ 27622620 / 21 |
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Fax No.: |
91-22-27622645 /
27781509 |
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E-Mail : |
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Area : |
3500 Sq. Ft. |
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Location : |
Owned |
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Factory 2 : |
Plot No. C-62/1 and Part, TTC Industrial Area, Turbhe MIDC, Navi Mumbai – 400705, Maharashtra, India. |
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Tel. No. : |
91-22-27622621 |
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Fax No. : |
91-22-27622645 |
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Branches : |
C-53 and C-53/1, TTC Industrial Area,
Turbhe, Navi Mumbai – 400705, |
DIRECTORS
(AS ON 30.09.2011)
|
Name : |
Mr. Ramchandra Vithu Kadam |
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Designation : |
Director |
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Address : |
2B/201, Sukur Par, Mumbai – |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
24.09.1999 |
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DIN No.: |
01392585 |
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Other Directorship : |
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Name : |
Mr. Laxman Vithu Kadam |
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Designation : |
Managing Director |
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Address : |
2B/201, Sukur Par, Mumbai – |
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Date of Birth/Age : |
17.06.1963 |
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Date of Appointment : |
24.09.1999 |
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DIN No.: |
01240530 |
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Other Directorship : |
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Name : |
Mr. Vijay Vithu Kadam |
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Designation : |
Director |
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Address : |
E G-3, Govind Dham, Mumbai Pune Road, Kalwa, Thane – 400605,
Maharashtra, India |
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Date of Birth/Age : |
15.12.1956 |
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Date of Appointment : |
30.09.2011 |
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DIN No.: |
02538041 |
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Other Directorship : |
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Name : |
Mr. Vipul Laxman Kadam |
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Designation : |
Director |
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Address : |
Flat No.1203/1204, A Wing, Garden LBS Marg, Thane – 400604,
Maharashtra, India |
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Date of Birth/Age : |
25.03.1991 |
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Date of Appointment : |
29.09.2009 |
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DIN No.: |
02791925 |
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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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Ramchandra Vithu Kadam |
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99996 |
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Laxman Vithu Kadam |
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97999 |
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Dinkar More |
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1 |
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Shamkant Hajare |
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1 |
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Sharda Hajare |
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1 |
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Vipul Laxman Kadam |
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2000 |
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Hukmichand N. Shah |
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1 |
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Rajendra Kumar B. Jain |
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1 |
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Total |
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200000 |
(AS ON 30.09.2011)
Equity Shares Break – up
|
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 : |
Manufacturing and Producing of Chemicals and Labour
Charges. |
PRODUCTION STATUS (AS ON 31.03.2011)
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Particulars |
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Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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All Products (Chemicals) |
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Not Applicable |
4500 MT |
2569205.00 kgs. |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
·
State Bank of Eastern Express Highway, Gala No.9 and 10, Sun, Magnetic, Near LIC Off, Louis Wadi Services Road, Thane – 4000604, Maharashtra, India · ICICI Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Thakur Naik and Deo Chartered Accountants |
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Address : |
Shanti Cottage, Thakur Blocks, 2nd Floor, Above
Suvidha Stores, |
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Tel. No.: |
91-22-25402062 / 25410333 |
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Fax No.: |
91-22-25401398 |
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Pan No.: |
AAAFT7201J |
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Associates/Subsidiaries : |
· Alfa Carbonless Paper Manufacture Private Limited Address : C-101, TTC
Industrial Area, Pawane, Navi Mumbai Activity : Manufacturer of Carbonless Paper · Larkad Paper Industries Private Limited Address – R-427/11, TTC
Industrial Area, Rabale, Navi Mumbai, Activity : Printing |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
275000 |
Equity Shares |
Rs.100/- Each |
Rs.27.500 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
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|
200000 |
Equity Shares |
Rs.100/- Each |
Rs.20.000
Millions |
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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 |
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|
SHAREHOLDERS FUNDS |
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|
|
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1] Share Capital |
20.000 |
20.000 |
15.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.256 |
51.212 |
36.487 |
|
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
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NETWORTH |
78.256 |
71.212 |
51.487 |
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LOAN FUNDS |
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1] Secured Loans |
154.988 |
139.884 |
110.158 |
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2] Unsecured Loans |
73.785 |
56.985 |
32.335 |
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TOTAL BORROWING |
228.773 |
196.869 |
142.493 |
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DEFERRED TAX LIABILITIES |
1.606 |
1.606 |
0.750 |
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|
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TOTAL |
308.635 |
269.687 |
194.730 |
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|
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
145.874 |
117.430 |
50.064 |
|
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Capital work-in-progress |
85.161 |
84.393 |
92.156 |
|
|
|
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|
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INVESTMENT |
1.000 |
1.000 |
0.000 |
|
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DEFERREX TAX ASSETS |
0.306 |
0.257 |
0.257 |
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
26.699
|
21.035 |
13.049 |
|
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Sundry Debtors |
42.158
|
39.827 |
33.174 |
|
|
Cash & Bank Balances |
7.198
|
4.342 |
7.591 |
|
|
Other Current Assets |
1.391
|
0.911 |
0.965 |
|
|
Loans & Advances |
14.582
|
12.092 |
11.954 |
|
Total
Current Assets |
92.028
|
78.207 |
66.733 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditor |
14.154
|
10.165 |
8.146 |
|
|
Other Current Liabilities |
0.908
|
0.459 |
3.705 |
|
|
Provisions |
0.672
|
0.976 |
2.629 |
|
Total
Current Liabilities |
15.734
|
11.600 |
14.480 |
|
|
Net Current Assets |
76.294
|
66.607 |
52.253 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
308.635 |
269.687 |
194.730 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
|
SALES |
|
|
|
|
|
|
|
Income |
NA |
167.700 |
128.206 |
|
|
|
Other Income |
NA |
NA |
0.808 |
|
|
|
TOTAL (A) |
NA |
NA |
129.014 |
|
|
|
|
|
|
|
|
Less |
EXPENSES |
|
|
|
|
|
|
|
TOTAL (B) |
NA |
NA |
102.012 |
|
|
|
|
|
|
|
|
Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
NA |
NA |
27.002 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
NA |
NA |
7.166 |
|
|
|
|
|
|
|
|
|
|
PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
19.984 |
24.656 |
19.836 |
|
|
|
|
|
|
|
|
|
Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
10.098 |
3.305 |
3.113 |
|
|
|
|
|
|
|
|
|
|
PROFIT BEFORE
TAX (E-F) (G) |
9.886 |
21.351 |
16.723 |
|
|
|
|
|
|
|
|
|
Less |
TAX (H) |
2.842 |
6.626 |
6.755 |
|
|
|
|
|
|
|
|
|
|
PROFIT AFTER TAX
(G-H) (I) |
7.044 |
14.725 |
9.968 |
|
|
|
|
|
|
|
|
|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
51.212 |
36.487 |
NA |
|
|
|
|
|
|
|
|
|
|
BALANCE CARRIED
TO THE B/S |
58.256 |
51.212 |
NA |
|
|
|
|
|
|
|
|
|
|
IMPORTS |
|
|
|
|
|
|
|
Raw Materials |
NA |
NA |
5.430 |
|
|
|
Capital Goods |
NA |
NA |
36.805 |
|
|
TOTAL IMPORTS |
NA |
NA |
42.235 |
|
|
|
|
|
|
|
|
|
|
Earnings Per
Share (Rs.) |
35.22 |
73.62 |
106.53 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
NA
|
NA |
7.72
|
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
NA
|
12.73 |
13.04
|
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
4.16
|
10.91 |
8.00
|
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.13
|
0.30 |
0.32
|
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
2.93 |
3.04
|
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
5.85
|
6.74 |
4.60
|
LOCAL AGENCY FURTHER INFORMATION
REVIEW OF BUSINESS
OPERATIONS
The company is in its Twelfth year of operation. Company has shown good
result compared to the previous year. The directors are confident that company will
show good result in the coming year.
FORM 8
|
Corporate
identity number of the company |
U24110MH1999PTC121912 |
|
Name of the
company |
VIPUL CHEMICALS (INDIA) PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Gala No. 113, Building No. 2, Sector – 3, Millenium Buss Park, Mahape,
Navi Mumbai – 400701, Maharashtra, India |
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
90147530 |
|
Type of charge |
Immovable
Property |
|
Particular of
charge holder |
·
State Bank of Eastern Express Highway, Gala No.9 and 10, Sun, Magnetic, Near LIC Off, Louis Wadi Services Road, Thane – 4000604, Maharashtra, India Email: sbi.14177@sbi.co.in |
|
Nature of
description of the instrument creating or modifying the charge |
Memorandum
for recording extension of mortgage of
deposit of title deeds covering enhanced limit and/or creation of equitable
mortgage on additional properties for existing limit and enhanced limit and
additional facility. |
|
Date of
instrument Creating the charge |
22.11.2011 |
|
Amount secured by
the charge |
Rs.234.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WC The applicable
rate of interest as per CRA of SB-9 based on audited financials as at 31.03.2011
is bps above Base Rate of 10.00% p.a. i.e. 16.75% p.a. Terms of Repayment The loan is
repayable in 64 Monthly installments inclusive of moratorium period of 5
Months from November 2011 to March 2011. The first installment shall commerce
from April 2012. The interest portion will be recovered as and when applied. Margin RM Domestic -
25%, Imported - 25%, SIP - 40%, FG - 33.33%, Receivables (Cover 90 days) -
40%, Letter of Credit - 25%, New Term Loan - 25%. Extent and Operation of the charge Extension of
hypothecation charge over the machinery purchased out of Bank finance. Others DCC (Enhanced
from Rs. 60.000 Millions) - Rs. 100.000 Millions, TL 1O/s - Rs. 5.600
Millions, TL 2O/s - Rs. 6.000 Millions, TL 3O/s - Rs. 46.500 Millions, TL
4O/s - Rs. 24.200 Millions, TL 5O/s - Rs.14.700 Millions, Fresh TL - Rs.
30.000 Millions, LC (Enhanced from Rs. 3.000 Millions)*- Rs. 7.500 Millions,
Total Limits - Rs. 234.500 Millions. *DCC limit of Rs. 80.000 Millions will
be released now. Balance amount will be released after a review of
performance of the unit in Jan 2012. All other terms
and conditions as per the sanctioned letter and loan agreement. |
|
Short particulars
of the property charged |
1. Plot No.
C-62/1, Trans Thane Creek Industrial Area, Turbhe Taluka and Registration,
Sub District, Thane District and Registration district, Thane. Admeasurement
2925 sq. mtrs. and bounded as under. On or towards the North by - Road, On or towards the South by - Plot
No. C-62/1, On or towards the East by - Road, On or towards the West by -
Plot No. C-61. 2. Plot No. C-53,
Trans Thane Creek Industrial Area, within the Village limit of Pawne and
Turbhe and within the limits of Navi Mumbai Municipal Corporation Taluka and
Registration, Sub District, Thane
District and Registration district, Thane. Admeasurement 4250 sq. mtrs. and
factory building thereon. On or towards the North by - Road R/W 18.50 Mtrs,
On or towards the South by - Plot No. C-54, On or towards the East by - MIDC
Land, On or towards the West by - Road R/W 18.50 Mtrs. 3. Additional
Leased Plot No. C-53/1, Trans Thane Creek Industrial Area, within the Village
limit of Pawne & Turbhe and within the limits of Navi Mumbai Municipal
Corporation Taluka and
Registration, Sub District, Thane District and Registration district, Thane.
Admeasurement 821 sq. mtrs. and factory building thereon. On or towards the North by - Road R/W
18.50 Mtrs, On or towards the South by - Plot No. C-54, On or towards the
East by - Nalla, On or towards the West by - Plot No. C-53. |
|
Particulars of the present modification |
The Borrowers by
way of equitable mortgage by deposit of title deeds of Immovable properties
at Plot No. C-62/1, Plot No. C-53 and Plot No. C-53/1, Trans Thane Creek Industrial
Area, Turbhe Taluka and Registration, Sub District, Thane has provided
further security to secure the Loan Facility of Rs. 234.500 Millions. |
FIXED ASSETS
·
Land
·
·
Plant and Machinery
·
Laboratory Equipments
·
Factory Equipments
·
Electrical Fitting
·
Office Premises
·
Office Equipments
·
Furniture and Fixture
·
Computer Installation
·
Vehicles
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.49.25 |
|
|
1 |
Rs.77.19 |
|
Euro |
1 |
Rs.65.29 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
47 |
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.