Attachment 1
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Report
Update On |
30th May, 2003 |
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Report on |
P. V. N. PLASTICS INDUSTRIES |
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Registered Office |
406, Lotus House, 33-A, New Marine Lines, Near Liberty Cinema, Mumbai –
400 020, INDIA |
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Tel. No. |
91-22-56338751-54 |
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Fax No. |
91-22-22072660 |
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E-Mail |
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Website |
Attachment 2
SUMMARY
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Incorporated |
Before 7/8 years |
Status |
Satisfactory |
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Registration No. |
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Chief Executive |
Mr. Niranjan Agrawal |
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Capital (Rs.) |
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Payments |
Slow and Delayed |
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Sales (Rs.) |
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Litigation |
Unknown |
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Net Worth (Rs.) |
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Banking Reputation |
Unknown |
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No. of Employees |
26 |
Auditors |
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Credit Rating |
Ba (See attachment 3) |
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INDUSTRY
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FACTORY
Plot No. 357/8, Kanchigam Char Rasta, Kanchigam, Daman – 396 210, Union Territory, INDIA
E-Mail kandoi.fabrics@gems.vsnl.net.in
BRANCH
Nil
HISTORY
Subject is reported to be in business since last 7/8 years at Mumbai in Maharashtra as a Partnership Concern.
LEGAL FORM
It is a Partnership Concern with an Unlimited Liability of the partners.
MAIN PARTNERS
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Mr. Niranjan Agrawal |
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Mr. Poonamchand Agrawal |
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Mr. Vijay Agrawal |
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Mr. Arvind Agrawal |
BUSINESS
Subject is engaged in manufacturing and sale of HDPE, P. P. Woven Sacks and Tarpaulin.
Subject’s products are used in packing of Fertilizers, Polymers, Papers, Flour Food Grains, Cement, Sugar, Textiles, Mails, Letters and Documents.
Subject has a Circular Weaving Machine, which has a capacity to produce 2,100 meters of loom per day.
It also has 50 Stitching Machines (Japanese make / Arm Strong-Indian make), which has a production capacity of 1,000 bags per hour per machine.
It has 10 printing machines.
While visiting the office of the concern, following observations were carried on :
v Name Board could be sighted and the visibility of the name board is high
v It is easy to locate the office of the concern
v Subject’s office is located in an upmarket area
v Items such as Telephones, Fax Machine, Telex Machine, Computers and Air-Conditioner could be easily sighted at the subject’s office
Subject operates from a caption leased office premises of 600 sq. fts. Caption factory is of area admeasuring 100,000 sq. fts., comprising of a RCC Building and Open Space and is owned by the subject.
Subject is reported to employ about 26 persons in its set-up comprising of 6 persons in office and 20 persons in factory.
SISTER CONCERNS
v Kandoi Fabrics Private Limited
Gokul Building, 66-A, Dr. Atmaram Merchant Road, Bhuleshwar, Mumbai
Tel. No. 91-22-22054419, 22064293
Fax No. 91-22-25617726
Annual Turnover : Rs.150.0 millions (estimated)
[subject’s
balance sheet as of 31.03.2001 is enclosed herewith]
BANKERS
Not Divulged
FINANCIAL INFORMATION
No financials are available from any of the sources. The management of the concern remained non-cooperative during current investigation.
It’s annual turnover is estimated around Rs.15/20 millions.
Note : Sole Proprietory and Partnership concerns and exempted from divulging their Balance Sheet and Profit & Loss Account figures and hence could not be available.
FOREIGN EXCHANGE RATES
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Currency |
Unit |
Indian
Rupees |
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US Dollar |
1 |
Rs.47.05 |
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UK Pound |
1 |
Rs.77.58 |
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Euro |
1 |
Rs.55.68 |
COMMENTS
Management of the concern remained non-cooperative during current investigation.
Subject appears to be a active in the business. Trade relations are fair. Payments are reported as slow and delayed.
However, in view of sister concern’s performance and financial status, it can be considered normal for business dealings at usual trade terms and conditions.
ABRIDGED BALANCE SHEET AS ON 31ST March, 2001
[figures are in Rupees Millions]
[KANDOI FABRICS PRIVATE LIMITED]
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SOURCES OF FUNDS |
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31.03.2001 |
31.03.2000 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.160 |
8.160 |
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2] Reserves & Surplus |
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126.901 |
102.557 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
0.712 |
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GRAND TOTAL
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135.061 |
111.429 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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18.859 |
21.016 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENTS |
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36.527 |
33.534 |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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90.683 |
68.410 |
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Other Current Assets |
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Loans & Advances |
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Total Current Assets |
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90.683 |
68.410 |
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Less : |
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Current Liabilities & Provisions |
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11.026 |
11.554 |
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Net Current Assets |
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79.657 |
56.856 |
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MISCELLANEOUS EXPENSES |
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0.018 |
0.023 |
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GRAND TOTAL
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135.061 |
111.429 |
Attachment 3
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SCORE SHEET |
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SCORE |
CREDIT RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an
extremely sound financial base with the strongest capability for timely
payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is
considered normal. Capable to meet normal commitments. Maybe drawn to slightly
difficult position as unfavourable conditions arise. Minimal assurance for
timely payment on interest and principal sums |
Moderate |
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26-40 |
B |
Unfavourable &
favourable factors carry similar weight in credit consideration. Capability
to overcome financial difficulties seems comparatively limited or considered
not known. Capability to pay both interest and principal sums is doubtful |
Small |
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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 |
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<10 |
C |
Absolute credit risk
exists. Caution needed to be exercised |
Credit not recommended |
Attachment 4
ACKNOWLEDGEMENT
Dear Sir/Madam,
As part of our control
system, please fax/email us this note
upon receipt of this report. If we do not receive the acknowledgement within 24
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Thank you.
______________________________________________________________________________
To : MIRA INFORM PRIVATE
LIMITED
From :
To :
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the appropriate box.
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GOOD |
FAIR |
POOR |
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Content |
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Layout and
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Speed of Delivery |
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Overall Impression |
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Further Comments/Suggestion :
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Company’s Stamp &
Signature