MIRA
INFORM REPORT
|
Report Date : |
14.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
FOCUZ CORPORATION PRIVATE LIMITED |
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Formerly Known As : |
BENZ AUTOMOBILES PRIVATE LIMITED |
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Registered Office : |
Focuz Towers, Post Bag 2222, Edappally, Ernakulam – 682 024, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.06.1995 |
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Com. Reg. No.: |
09-9187 |
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CIN No.: [Company
Identification No.] |
U50300KL1995PTC009187 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNB00283D |
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PAN No.: [Permanent
Account No.] |
AAACB9529J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Manufacturers, Dealers, Distributors, Agents, Brokers, Importers,
Exporters and Traders in all of all type of Automobiles. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
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 559000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track. Directors are reported as experience and respectable businessmen.
Trade relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
Focuz Towers, Post Bag 2222, Edappally, Ernakulam – 682 024, Kerala |
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Tel. No.: |
91-484-2342226 |
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Fax No.: |
91-484-2535138 |
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E-Mail : |
ptjose@focuz.co.in / tony@focuz.co.in / shyju@focuz.co.in / sunno@focuz.co.in / joe@focuz.co.in |
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Website : |
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Overseas Office : |
4230 Boul St. Jean, Suite 209, Montreal, Canada H9H 3 X4 |
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Tel. No.: |
(514) 932-1000 / (514) 551-0222 |
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Fax No.: |
(514) 551-0131 |
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E-Mail : |
Toll Free : 1-800-514-9321 |
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Corporate Office : |
Edappally, Cochin – 682024, Kerala |
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Tel. No.: |
91-484-2335324/ 2333236 / 2535390 |
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Fax No.: |
91-484-2535138 |
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Mobile : |
91-9846060077 |
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Website : |
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Email : |
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Sales Office : |
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Overseas Office : |
Focuz Auto Spare Parts LLC Post Box No. 124734, Dubai, U.A.E. |
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Tel. No.: |
++971- 4-2278522 |
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Mobile : |
++971-50-5694695 |
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Branches : |
Focuz Auto Spare Parts LLC Shop No. 5, Silver Front Building, Opp. To City King Hotel, Cummunity 118,21,
C- Street, Next to Haji Nasar Masjid, Spare Parts Market, Al Nakhal Street,
Deira, Dubai, U.A.E. |
DIRECTORS
|
Name : |
Mr. P. T. Jose |
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Designation : |
Chairman Cum Managing Director |
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Address : |
Poolon house, Peace Villa, Ashoka Road, Kaloor, Cochin – 17. |
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Date of Birth/Age : |
30.05.1945 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. P. Ignatius Alven |
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Designation : |
Managing Director |
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Address : |
Konduruthil House, St. Albert’s high School Lane, ernakulam , Cochin -
35 |
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Date of Birth/Age : |
27.07.1933 |
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Date of Appointment : |
30.06.1995 |
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Name : |
M. F. Jose |
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Designation : |
Director |
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Address : |
Marottikkal House, 7 / 141, Residency Sub- lane, Kadappakada, Kollam -
1 |
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Date of Birth/Age : |
01.04.1940 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. N.V. Devassy |
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Designation : |
Whole Time Director |
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Address : |
Neduparanbli House, 1/4593 – A, P.M. Kutty Road, East Nadakkavu,
Kozhikode – 6 |
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Date of Birth/Age : |
06.01.1940 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. Tony Raphael |
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Designation : |
Whole Time Director |
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Address : |
Porathur House, Ayyappankavu East, ernakulam, Cochin - 18 |
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Date of Birth/Age : |
27.09.1973 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. Joe Jose |
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Designation : |
Director |
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Address : |
Marottikkal House, 7 / 141, Residency Sub- lane, Kadappakada, Kollam -
1 |
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Date of Birth/Age : |
19.09.1975 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. Joseph Antony Alven |
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Designation : |
Director |
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Address : |
Konduruthil House, St. Albert’s high School Lane, Ernakulam , Cochin -
35 |
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Date of Birth/Age : |
14.01.1971 |
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Date of Appointment : |
30.06.1995 |
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Name : |
Mr. N.D. Shyju |
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Designation : |
Director |
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Address : |
Neduparanbli House, 1/4593 – A, P.M. Kutty Road, East Nadakkavu,
Kozhikode – 6 |
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Date of Birth/Age : |
23.101946 |
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Date of Appointment : |
01.10.1997 |
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Name : |
Ms. P.K. Mary |
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Designation : |
Director |
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Address : |
Poolon house, Peace Villa, Ashoka Road, Kaloor, Cochin – 17. |
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Date of Birth/Age : |
05.11.1950 |
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Date of Appointment : |
10.08.2004 |
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Name : |
Mr. P. Kandaswamy |
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Designation : |
Secretary |
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Address : |
Chrukad house, 1st Floor, 32 / 1861, B Netaji road, Edappally, ernakulam,
Kochi, Ernakulam - 682024, Kerala |
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Date of Birth/Age : |
02.10.1952 |
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Date of Appointment : |
20.12.2000 |
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Name : |
Mr. S. Rajaguru |
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Designation : |
Secretary |
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Address : |
32/828, Karuvelil Lane, Beena Anchumana Road, Mamangalam Kochi,
Ernakulam – 682024, Kerala |
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Date of Birth/Age : |
03.02.1952 |
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Date of Appointment : |
01.09.2005 |
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Name : |
Mr. Nedumparambli Devassy Shiju |
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Designation : |
Director |
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Name : |
Mr. Parathur Vareed Margret |
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Designation : |
Director |
MAJOR SHAREHOLDERS
|
Names of Shareholders |
No. of Shares |
|
|
1. Mr. P.T. Jose / S/O Late Thomakutty |
4,00,000 |
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2. Mr. P. Ignatius Alven / S/o Late Antont Alven |
4,00,000 |
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3. Mr. M.F. Jose / S/o Late M.a. Francis |
4,00,000 |
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4. Mr. N. V. Devassy / S/o Late N.A. Vareed |
4,00,000 |
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5. Mr. Tony Raphael / S/o Late P.A. Rappai |
4,00,000 |
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Total Number of Share Allotted |
20,00,000 |
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Equity Share Breakup (Percentage of Total Equity )
|
Names of Shareholders |
No. of Shares |
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1. Foreign holding (Foreign Institutional Investor(s)
Foreign companies(s) foreign financial institution(s), Non-resident Indian(s)
or Overseas corporate bodies or others |
0.29 % |
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2. Directors or relatives of directors |
99.71 % |
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Total |
100 % |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers, Dealers, Distributors, Agents, Brokers, Importers,
Exporters and Traders in all of all type of Automobiles. |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
---- |
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Bankers : |
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Facilities : |
--- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kaimal & Company Chartered Accountant |
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Address : |
V/ 2576, Gujarathi Road, Mattancherry, Kochi – 682002, Kerala |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
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|
7000000 |
Equity Share |
Rs.10/- Each |
Rs.70.000 Millions |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
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|
6860000 |
Equity Share |
Rs.10/- Each |
Rs.68.600
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
68.600 |
48.600 |
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2] Share Application Money |
0.000 |
0.000 |
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3] Reserves & Surplus |
71.264 |
66.605 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
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NETWORTH |
139.864 |
115.205 |
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LOAN FUNDS |
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1] Secured Loans |
459.365 |
440.312 |
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2] Unsecured Loans |
4.385 |
0.962 |
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TOTAL BORROWING |
463.750 |
441.274 |
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DEFERRED TAX LIABILITIES |
12.869 |
11.877 |
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TOTAL |
616.483 |
568.356 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
151.330 |
152.078 |
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Capital work-in-progress |
0.000 |
1.254 |
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INVESTMENT |
34.837 |
11.833 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
314.768
|
271.224 |
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Sundry Debtors |
144.996
|
123.757 |
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Cash & Bank Balances |
19.424
|
22.912 |
|
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Other Current Assets |
0.000
|
0.000 |
|
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Loans & Advances |
154.125
|
177.611 |
|
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Total
Current Assets |
633.313
|
595.504 |
|
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Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
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Current Liabilities |
136.520
|
130.514 |
|
|
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Provisions |
66.477
|
60.545 |
|
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Total
Current Liabilities |
202.997
|
191.059 |
|
|
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Net Current Assets |
430.316
|
404.445 |
|
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
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|
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TOTAL |
616.483 |
568.356 |
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|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2006 |
31.03.2005 |
|
|
|
Sales Turnover |
1803.837 |
1597.094 |
|
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Other Income |
0.000 |
0.000 |
|
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Total Income |
1803.837 |
1597.094 |
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Profit/(Loss) Before Tax |
11.293 |
8.037 |
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Provision for Taxation |
6.543 |
4.187 |
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Profit/(Loss) After Tax |
4.750 |
3.850 |
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Expenditures : |
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Cost of Goods Sold |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
|
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Salaries, Wages, Bonus, etc. |
1780.084 |
1575.148 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Transfer from Capital Reserve |
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Provision of Gratuity |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
1780.084 |
1575.148 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2006 |
31.03.2005 |
|
|
PAT / Total Income |
(%) |
0.26
|
0.24 |
|
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Net Profit Margin (PBT/Sales) |
(%) |
0.62
|
0.50 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.43
|
1.07 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.06 |
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Debt Equity Ratio (Total Liability/Networth) |
|
4.76
|
5.48 |
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Current Ratio (Current Asset/Current Liability) |
|
3.11
|
3.11 |
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LOCAL AGENCY
FURTHER INFORMATION
Form 8
|
Name of the company |
Focuz Corporation
Private Limited |
|
Presented By |
Sundaram Finance |
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1) Date and description of instrument creating the change |
Loan Agreement
Dated 29.11.2005 Cont. No. AK2934 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Total Repayable
Amount Rs.0.137 Million Finance
Amount Rs.0.123 Million Interest Rs.0.014
Million |
|
3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
On the security
of 1-No. 2005 – Model- Piagglo- Threewheeler. E No. – R5l172587. CH No. BGL -
303092 |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rs.0.137 Million
is Repayable in 24 monthly Installments as under : Installment Amount 1-24
Rs.0.005 Million Rate of
Interest
12.86% 1st
Installment falls due on
29.11.2005 |
|
5) Name and Address and description of the person entitled to the charge. |
M/s Sundaram
finance Limited No. 21, Patullos
Road, Chennai – 600 002 |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
N.A. |
Company Profile
Focuz Group, is an ever expanding multi million business conglomerate,
established in 1978 ,supported by over 2000 committed staff force, with
diversified bussinesses of Automobiles, IT, ITES and Tourism domains. Led
by highly experienced promoters who are thorough professionals with farsighted
vision, propelled by an infusion of young blood, The group aims to became
a world player in IT, ITES and Tourism. It also aims to break new grounds in
standards of exemplary service leading to highly delighted customers.
Kochi, the industrial capital of Kerala state,one of the southern states
of India, witnessed the birth of a small Automobile Spare Parts Shop two
decades ago which was later to became India's Largest Automobile Spares Parts
Retailer.Further the group entered sucessfully to multiple Vehicle dealerships
and service, IT consultancy,Hardware and peripherals, Software
development, Advanced education, Animation, BPO, and tourism in a big way.
Focuz group was started in 1978 at Kochi, Kerala, South India by the following
experienced Promoters having 40 years of management experience.
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 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.41.67 |
|
UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.56.61 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|