MIRA
INFORM REPORT
|
Report Date : |
24.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
MASK POLYMERS PRIVATE LIMITED |
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Registered
Office : |
Sr. No.189, Jyotiba Nagar, Jyotiba Mangal Karyala, Talwade, Pune –
412114, |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
30.03.1999 |
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Com. Reg. No.: |
25-111940 |
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Capital
Investment / Paid-up Capital : |
Rs.0.950
Million |
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CIN No.: [Company Identification
No.] |
U28920MH1999PTC111940 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
PNEM01989B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturers and Exporter of Rubber and
Teflon Products. |
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No. of Employees
: |
200 [Approximately] |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
|
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 250000 |
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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.
INFORMATION DECLINED BY
|
Name : |
Mr. Sachin Dalvi |
|
Designation : |
Finance Executive |
|
Contact No.: |
91-9881718695 91-20-27691710 |
|
Date : |
23.05.2012 |
LOCATIONS
|
Registered Office/ Factory : |
Sr. No.189, Jyotiba Nagar, Jyotiba Mangal Karyala, Talwade,
Pune-412114, Maharashtra, India |
|
Tel. No.: |
91-20-27691628/ 27692525/ 27691710/
30424295 |
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Mobile No.: |
91-9922942013 (Mr. Rajesh Mhaske) 91-9881718695 (Mr. Sachin Dalvi) |
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Fax No.: |
91-20-27691710/ 27691628 |
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E-Mail : |
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Website : |
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Area : |
5000 sq. ft. |
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Location |
Owned |
DIRECTORS
As on 27.09.2011
|
Name : |
Mr. Rajesh Rajaram Mhaske |
|
Designation : |
Director |
|
Address : |
Shantanu Plot No.129, Sector No.25, Pradhikaran Nigdi, Pune – 411 044,
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Date of Birth/Age : |
30.01.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.11.1997 |
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Din No.: |
00734291 |
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Name : |
Mr. Rajaram Yadavrao Mhaske |
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Designation : |
Director |
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Address : |
Shantanu Plot No.129, Sector No.25, Pradhikaran Nigdi, Pune – 411 044,
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Date of Birth/Age : |
12.04.1973 |
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Qualification : |
Graduate |
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Date of Appointment : |
18.11.1997 |
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Din No.: |
00734531 |
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Name : |
Mrs. Rajeshri Rajesh Mhaske |
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Designation : |
Director |
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Address : |
Sector No.25, Plot No.129, Pradhikaran Nigdi, Pune – 411044, |
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Date of Birth/Age : |
13.01.1968 |
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Qualification : |
Graduate |
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Date of Appointment : |
01.04.2009 |
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Din No.: |
02266294 |
KEY EXECUTIVES
|
Name : |
Mr. Sachin Dalvi |
|
Designation : |
Finance Executive |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 27.09.2011
|
Names of Shareholders |
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No. of Shares |
|
Rajesh Rajaram Mhaske |
|
48450 |
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Rajaram Yadavrao Mhaske |
|
950 |
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Rajeshri Rajesh Mhaske |
|
45600 |
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Total |
|
95000 |
As on 27.09.2011
|
Equity Share Breakup |
|
Percentage of Holding |
|
Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporter of Rubber and Teflon
Products. |
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Products : |
· Teflon (PTFE) Products · Rubber Moulded Products · Du (Teflon Coated) Bearings · Rubber Products · Teflon Products · PTFE Sheets · Teflon Sheets ·
Teflon Tap etc. |
GENERAL INFORMATION
|
Customers : |
·
Bajaj ·
Tata Yazaki ·
Mahindra ·
Fiat ·
Piaggio ·
Emerson Climate Technologies ·
Knorr-Bremse ·
Tata Flcosa ·
Keihin ·
Rinder ·
Lumax ·
Minda ·
Varroc ·
SKF |
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No. of Employees : |
200 [Approximately] |
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Bankers : |
·
State Bank of India, Industrial Finance Branch, Pune
Mumbai Highway, Next to Kalasagar hotel, Kasarwadi-Pimpri, Pune-411034,
Maharashtra, India ·
Citi Bank ·
ICICI Bank Limited |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Vijay Saykar and Company Chartered Accountants |
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Address : |
Office No.303, Third Floor, P.J. Chambers, Opposite Mahindra Water
Tank, Pimpri, Pune-411 018, Maharashtra, India |
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Pan No.: |
ABYPS7414B |
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Sister Concern: |
Mask Seals Company |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
95000 |
Equity Shares |
Rs.10/- each |
Rs.0.950
Million |
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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1] Share Capital |
0.950 |
0.950 |
0.950 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.827 |
49.288 |
36.113 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.777 |
50.238 |
37.063 |
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LOAN FUNDS |
|
|
|
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|
1] Secured Loans |
41.268 |
20.896 |
32.057 |
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|
2] Unsecured Loans |
0.000 |
0.000 |
0.500 |
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TOTAL BORROWING |
41.268 |
20.896 |
32.557 |
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DEFERRED TAX LIABILITIES |
1.166 |
0.897 |
0.716 |
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TOTAL |
106.211 |
72.031 |
70.336 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
60.038 |
47.870 |
42.927 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.601 |
0.085 |
0.084 |
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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 |
0.000
|
0.000 |
10.500
|
|
|
Sundry Debtors |
0.000
|
0.000 |
32.721
|
|
|
Cash & Bank Balances |
0.000
|
0.000 |
0.352
|
|
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Other Current Assets |
95.396
|
63.975 |
0.000
|
|
|
Loans & Advances |
11.850
|
11.335 |
7.822
|
|
Total
Current Assets |
107.246
|
75.310 |
51.395 |
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|
Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
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Other Current Liabilities |
61.674
|
51.234 |
24.070 |
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Provisions |
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Total
Current Liabilities |
61.674
|
51.234 |
24.070
|
|
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Net Current Assets |
45.572
|
24.076 |
27.325
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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|
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TOTAL |
106.211 |
72.031 |
70.336 |
|
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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Gross Income |
342.129 |
247.598 |
174.054 |
|
|
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Miscellaneous Income |
1.333 |
0.147 |
1.653 |
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|
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TOTAL |
343.462 |
247.745 |
175.707 |
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|
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Less |
EXPENSES |
|
|
|
|
|
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Consumption of Materials |
187.015 |
128.735 |
88.460 |
|
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Manufacturing Expenses |
108.064 |
75.966 |
58.042 |
|
|
|
Selling and Distribution Expenses |
2.554 |
2.091 |
1.568 |
|
|
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Office and Administrative Expenses |
8.642 |
10.233 |
8.426 |
|
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Directors Remunerations |
13.350 |
4.800 |
3.900 |
|
|
|
|
319.625 |
221.825 |
160.396 |
|
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Increasing in Inventory |
(4.406) |
(0.475) |
(0.131) |
|
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TOTAL |
315.219 |
221.350 |
160.265 |
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PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION |
28.243 |
26.395 |
15.442 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
7.971 |
6.472 |
6.529 |
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|
PROFIT / (LOSS)
BEFORE TAX |
20.272 |
19.923 |
8.913 |
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Less |
TAX |
6.734 |
6.748 |
3.077 |
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|
PROFIT / (LOSS)
AFTER TAX |
13.538 |
13.175 |
5.836 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
30.288 |
27.113 |
23.277 |
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|
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
10.000 |
10.000 |
2.000 |
|
|
BALANCE CARRIED
TO THE B/S |
33.826 |
30.288 |
27.113 |
|
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|
|
|
|
|
|
|
|
Earnings /
(Loss) Per Share (Rs.) |
142.51 |
138.68 |
61.43 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
3.94
|
5.32 |
3.32 |
|
|
|
|
|
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|
Net Profit Margin (PBT/Sales) |
(%) |
5.93
|
8.05 |
5.12 |
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.12
|
16.17 |
9.45 |
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|
Return on Investment (ROI) (PBT/Networth) |
|
0.32
|
0.40 |
0.24 |
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
1.61
|
1.44 |
1.53 |
|
|
|
|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
1.74
|
1.47 |
2.14 |
LOCAL AGENCY FURTHER INFORMATION
DETAILS OF SUNDRY CREDITORS: NOT AVAILABLE
|
Check List by
Info Agents |
Available in
Report (Yes / No) |
|
1) Year of Establishment |
Yes |
|
2) Locality of the firm |
Yes |
|
3) Constitutions of the firm |
Yes |
|
4) Premises details |
Yes |
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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 |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
|
11) Turnover of firm for last three years |
Yes |
|
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 |
Yes |
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17) Major suppliers |
No |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
|
20) Export / Import details (if applicable) |
No |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter involved in |
-- |
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23) Banking Details |
Yes |
|
24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
|
26) Buyer visit details |
-- |
|
27) Financials, if provided |
Yes |
|
28) Incorporation details, if applicable |
Yes |
|
29) Last accounts filed at ROC |
Yes |
|
30) Major Shareholders, if available |
Yes |
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Modification of
charge |
|
Charge
identification number of the modified |
80026588 |
|
Corporate
identity number of the company |
U28920MH1999PTC111940 |
|
Name of the
company |
MASK POLYMERS
PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Sr. No.189, Jyotiba Nagar, Jyotiba Mangal Karyala, Talwade,
Pune-412114, Maharashtra, India |
|
Type of charge |
Book Debts Movable Property
(not being pledge) Floating Charge |
|
Particular of
charge holder |
State Bank of India, Industrial Finance Branch, Pune Mumbai Highway,
Next to Kalasagar hotel, Kasarwadi-Pimpri, Pune-411034, Maharashtra,
India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1) Supplemental
Agreement of Loan-Cum-Hypothecation 2) Letter of
Arrangement (Both the
documents executed for a single modification) |
|
Date of
instrument Creating the charge |
18.08.2011 |
|
Amount secured by
the charge |
Rs.65.100
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest DCC 14.75% p.a.,
SLOC 15.75% p.a., Open Term Loan 15.50% p.a. (Monthly Rests) or the rate as
may be prescribed by Bank from time to time. Terms of
Repayment As per Agreement
with the Bank Margin Raw Material,
Semi Finished and Finished Goods, Components/Consumables/Spares 25%, Domestic
Receivables(Cover 75 days) 40%, Open Term Loan 47.80%, Letter of Credit 25%,
One Time LC 46%, Bank Guarantee 25% Extent and
Operation of the charge Details of
Facilities (Rs. in Millions) - Demand Cash Credit 20.000, SLOC 3.000, Term
Loan I 2.100, Term Loan II 25.000, Letter of Credit 10.000, Bank Guarantee
5.000, One Time Imp L/C/Buyers' Credit (104) Total Rs.65.100 Millions. The charge on
hypothecated and mortgaged assets continues till full repayment of Loan. |
|
Short particulars
of the property charged |
Hypothecation of
Existing as well as Future Stocks of Raw Materials, Finished Goods, Stocks in
Process including Goods in Transit,
Outstanding monies, book debts, receivables (Excluding Bajaj Auto Limited) Plant and
Machinery purchased out of Bank Finance, Fixed Assets to be purchased out of
Bank Finance. Equitable
Mortgage of Residential Flat No.3 on first floor in Evershine CHSC
constructed on S.No.154/2 at Village Akurdi,
District Pune owned by Rajesh Mhaske and Rajashree Mhaske. Equitable Mortgage
of Property bearing S.No.125/1 adm. 1Hect.02.2R and S.No.125/2
adm.1Hect.04.2R lying at Village Vadgaon, District Pune owned by Rajashree
Mhaske and Krishnarao Bhegde. |
|
Date of latest
modification prior to the present modification |
21.07.2010 |
|
Particulars of
the present modification |
The Limit
enhanced upto Rs.65.100 Millions. As of now, the Details of Facilities (Rs.
in Millions) - Demand Cash Credit 20.000, SLOC 3.000, Term Loan I 2.100, Term
Loan II 25.000, Letter of Credit 10.000, Bank Guarantee 5.000, One Time Imp
L/C/Buyers' Credit (10.400) Total Rs.65.100 Millions. The Charge on
hypothecated assets was extended to secure total facilities availed by the
Company. |
FIXED ASSETS:
·
Land
·
·
·
·
Plant and Machinery
·
Cycle
·
Furniture and Fixtures
·
Dies and Tools
·
Office Equipments
·
Air Conditioner
·
Inspection Equipment
·
Weighing Machine
·
Computer
·
Software
·
Motor Car
·
Cooling Tower
·
Electrical Installation
·
Office
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.55.93 |
|
|
1 |
Rs.88.15 |
|
Euro |
1 |
Rs.70.87 |
INFORMATION DETAILS
|
Information
Gathered by : |
JML |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
NO |
|
--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.