MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
GUJARAT STATE FISHERIES CENTRAL CO-OPERATIVE ASSOCIATION LIMITED |
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Registered Office : |
Motor Sales and Services Building, Ashram Road, Ahmedabad-380026, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMG01365A |
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PAN No.: [Permanent
Account No.] |
AAACG7779H |
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Legal Form : |
A Co-operative Society registered under Co-operative Society Act. |
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Line of Business : |
Development and exploitation of fresh water fisheries and
Marketing of fresh water fish and marine fish in wholesale and in retail through
its different outlets and mobile vans. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 : |
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Status : |
Good |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established cooperative society financially assisted by Gujarat
State Government. Trade relations are fair. Payments are usually correct and as per
commitments. The society can be considered good for any normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered/ Head Office : |
Motor Sales and Services Building, Ashram Road, Ahmedabad-380026,
Gujarat, India |
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Tel. No.: |
91-79-26575275/ 26580483/ 23250326 |
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Mobile No.: |
91-9427304001 |
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Fax No.: |
91-79-26575275 |
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E-Mail : |
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Plant 1 : |
Nylon Net Plant Opp. CTM Char Rasta, Ramol
Road, Ahmedabad 380 026, Gujarat, India. |
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Tel. No.: |
91-79- 2585 3729 |
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Plant 1 : |
Fresh Water Fisheries Opp. CTM Char Rasta, Ramol
Road, Ahmedabad 380 026, Gujarat, India. |
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Tel. No.: |
91-79- 2585 3729 |
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Plant 1 : |
Veraval Complex : Boat
Building Yard Engine Section Diesel Pumps Bhidia Plot, Veraval 362 267,
Dist. Junagadh, Gujarat, India. |
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Tel. No.: |
91-2876- 231331 / 652657 |
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E-Mail : |
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Branches : |
Located at : v Veraval v Madhawad v Rajapara v Navabander v Jafrabad v Mangrol v Porbandar v Rupen v Aaditra v Okha v Sachana v Salaya v Jakhau v Kosamba
(Valsad) v Umargam
(Valsad) |
DIRECTORS
|
Name : |
Mr. M R Varsani |
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Designation : |
Managing Director |
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Name : |
Mr. V K Babar |
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Designation : |
Chairman |
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Qualification : |
IAS |
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Date of Appointment : |
27.09.2005 |
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Date of Ceasing : |
04.04.2005 |
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Name : |
Mr. Balvantshinh |
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Designation : |
Chairman |
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Qualification : |
IAS |
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Date of Appointment : |
05.04.2005 |
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Date of Ceasing : |
02.05.2005 |
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Name : |
Mr. H K Das |
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Designation : |
Chairman |
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Qualification : |
IAS |
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Date of Appointment : |
03.05.2005 |
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Date of Ceasing : |
13.09.2005 |
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Name : |
Mr. Kishor Rao D |
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Designation : |
Chairman |
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Date of Appointment : |
14.09.2005 |
KEY EXECUTIVES
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Name : |
Mr. E M Victor |
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Designation : |
Marketing Manager |
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Name : |
Mr. Sanjay Nand |
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Designation : |
Member |
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Qualification : |
IAS |
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Date of Appointment : |
14.10.2005 |
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Name : |
Mr. Vipul Mitra |
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Designation : |
Member |
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Qualification : |
IAS |
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Date of Appointment : |
05.06.2005 |
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Date of Ceasing : |
19.06.2005 |
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Name : |
Mr. Guruprasad Mahapatra |
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Designation : |
Member |
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Qualification : |
IAS |
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Date of Appointment : |
01.10.2005 |
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Date of Ceasing : |
13.10.2005 |
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Name : |
Mr. L B Christian |
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Designation : |
Managing Director |
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Qualification : |
GAS |
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Date of Appointment : |
08.12.2003 |
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Date of Ceasing : |
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Name : |
Mr. Chandubhai Macchi |
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Designation : |
Member |
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Qualification : |
01.04.2003 |
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Name : |
Mr. Lakhamashibhai J Fofamdi |
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Designation : |
Member |
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Date of Appointment : |
01.04.2005 |
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Date of Ceasing : |
17.07.2005 |
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Name : |
Mr. Masani J Dhanjibhai |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Gohel J Devajibjai |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Ramajibhai B Gohel |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Kharva S Bhagvanbhai |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Gohel Sunilbhai Devasi Bhai |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
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Name : |
Mr. Tandel Bvabhai Promabhai |
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Designation : |
Member |
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Date of Appointment : |
18.07.2005 |
BUSINESS DETAILS
|
Line of Business : |
Development and exploitation of fresh water fisheries and Marketing
of fresh water fish and marine fish in wholesale and in retail through its
different outlets and mobile vans. |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
30.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
876000 |
Equity Shares |
Rs.10/- each |
Rs.8.760
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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8.760 |
8.758 |
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2] Share Application Money |
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0.136 |
0.133 |
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3] Reserves & Surplus |
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56.635 |
56.596 |
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5] Nominal Membership Subscription |
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0.003 |
0.003 |
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6] State Government Partnership Fund |
|
1.470 |
1.470 |
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7] Profit & Loss Appropriation |
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6.737 |
0.038 |
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NETWORTH |
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73.741 |
66.998 |
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LOAN FUNDS |
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1] Secured Loans |
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29.847 |
29.191 |
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2] Unsecured Loans |
|
10.527 |
10.527 |
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TOTAL BORROWING |
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40.374 |
39.718 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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114.115 |
106.716 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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40.101 |
40.592 |
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Capital work-in-progress |
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2.757 |
2.757 |
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INVESTMENT |
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0.074 |
0.074 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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Sundry Debtors |
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Cash & Bank Balances |
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127.940 |
105.770 |
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Other Current Assets |
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Loans & Advances |
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Total
Current Assets |
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127.940 |
105.770 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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57.395 |
43.116 |
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Provisions |
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0.000 |
0.000 |
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Total
Current Liabilities |
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57.395 |
43.116 |
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Net Current Assets |
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70.545 |
62.654 |
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MISCELLANEOUS EXPENSES |
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0.638 |
0.639 |
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TOTAL |
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114.115 |
106.716 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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2121.466 |
1553.894 |
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Other Income |
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2.762 |
1.901 |
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Total Income |
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2124.228 |
1555.795 |
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Profit/(Loss) Before Tax |
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6.738 |
0.542 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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6.738 |
0.542 |
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Expenditures : |
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Manufacturing Expenses |
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1.978 |
1.984 |
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Administrative Expenses |
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1.501 |
1.282 |
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Salaries, Wages, Bonus, etc. |
|
20.584 |
19.860 |
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Interest |
|
1.735 |
2.390 |
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Depreciation & Amortization |
|
0.589 |
0.536 |
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Other Expenditure |
|
3.562 |
3.999 |
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Total Expenditure |
|
29.949 |
30.051 |
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KEY RATIOS
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PARTICULARS |
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|
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.32 |
0.03 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.32 |
0.03 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.01 |
0.37 |
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Return on Investment (ROI) (PBT/Networth) |
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0.09 |
0.01 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.32 |
1.24 |
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Current Ratio (Current Asset/Current Liability) |
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2.23 |
2.45 |
LOCAL AGENCY FURTHER
INFORMATION
Website Details :
History
Subject is an apex cooperative body of the fishermen
cooperatives in the State of Gujarat. It was established in the year 1956 with
financial and administrative support of the Government of Gujarat.
Business
Gujarat is the northern-most maritime state on the West
Coast of India, situated between 20.1 degrees to 24.7 degrees North Latitude
and between 68.4 to 74.4 degrees East Longitude. The present political province
of Gujarat is bounded by Arabian Sea [West], Pakistan [North and North -West],
State of Rajasthan [North-East], State of Madhya Pradesh [East] and State of
Maharastra [South and South-East] as per the political province of Gujarat.
The population density is 258 [Provisional - as per Census
-2001] persons per Sq. Km. The chief occupations are cultivation, agriculture
labour, manufacturing and production other than household industries and
livestock, forestry and fishery.
The area of State is 1,95,984 Sq. Kms. The coastline of
Gujarat is 1,600 Kms. long .The area of continental shelf is estimated at
1,64,000 Sq. Kms. and is 32.54 % of the shelf area of India. Exclusive Economic
Zone [EEZ] off the Gujarat Coast is estimated at 2.14 lakh Sq. Kms [ Including
continental shelf]. The topography of the coastal regions is marked by salt
marshes, sand belts and gravel patches. The southern coast of the Gulf of
Kachchh is characterized by innumerable coral reefs, tidal mud flates and coral
islands. Rann of Kachchh is a vast expanse of tidal mud flats, fleked with
saline efflorescence. Available fishery resources are :
Marine Fisheries
Inland Fisheries
Brackish water Aquaculture
Mission
& Vision
The Government of Gujarat has a major shareholding of about
Rs.7.985 millions, out of the total paid up shareholding of Rs.8.758
millions. About 265 primary cooperatives and 2911 individuals are the
members of GFCCA in addition to the Government of Gujarat. The Board
consists of 16 members, 9 Directors are nominated by the Government of Gujarat
and the rests are elected members from the fishermen cooperative societies.
The Secretary, Agriculture & Cooperation Department (Animal Husbandry, Cow
Breeding & Fisheries) is the Chairman of GFCCA. The day-to-day
management of GFCCA is vested with the Managing Director, who is appointed by
the Government.
The main activities of the Association include:
v Development
and exploitation of fresh water fisheries.
v Marketing
of fresh water fish and marine fish in wholesale and in retail through its
different outlets and mobile vans.
The main activities of the Association include:
v Manufacture
and supply of various types of fishing nets and twines.
v Construction
and supply of Wooden and Fibreglass Reinforced Plastic (FRP) fishing boats.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.41.73 |
|
UK Pound |
1 |
Rs.83.11 |
|
Euro |
1 |
Rs.56.50 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|