MIRA
INFORM REPORT
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Report Date : |
30.07.2007 |
IDENTIFICATION DETAILS
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Name : |
HARSHADRAY PRIVATE LIMITED |
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Registered Office : |
JIJI House, Damordas Sukhadwala Marg, Fort, Mumbai-400001, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.01.1953 |
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Com. Reg. No.: |
11-8985 |
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CIN No.: [Company
Identification No.] |
U74999MH1953PTC008985 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject as an indenting house to meet the requirements of importers
and exporters – mainly of commodities. |
RATING & COMMENTS
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MIRA’s Rating : |
Aa |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 1490000 |
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Status : |
Excellent |
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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 excellent
track. Fundamentals are strong and healthy. Directors are reported as
experienced, respectable and resourceful businessmen. Trade relations are
fair. Payments are always correct and as per commitments. The company can be considered good for any normal business dealings. It can be regarded as a promising business partner in a medium to long-run. |
LOCATIONS
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Registered Office : |
JIJI House, Damordas Sukhadwala Marg, Fort, Mumbai-400001, |
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Tel. No.: |
91-22-56519900/ 66519900 |
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Fax No.: |
91-22-22073497/ 22070078 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Premal N Kapadia |
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Designation : |
Director |
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Address : |
Haveli, Flat No.6, 19, L D Ruparel Marg, Mumbai-400006, |
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Date of Birth/Age : |
05.06.1949 |
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Date of Appointment : |
30.09.1974 |
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Name : |
Mr. Utsav R Kapadia |
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Designation : |
Director |
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Address : |
131, Mehr-Naz, Cuffe Parade, Mumbai-400005, |
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Date of Birth/Age : |
06.03.1952 |
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Date of Appointment : |
31.07.1984 |
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Name : |
Mr. Aditya P Kapadia |
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Designation : |
Director |
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Address : |
Haveli, Flat No.6, 19, L D Ruparel Marg, Mumbai-400006, |
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Date of Birth/Age : |
14.10.1973 |
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Date of Appointment : |
24.12.1998 |
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Name : |
Mr. Nanak G Sheth |
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Designation : |
Director |
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Address : |
D 2A/4, Vasant Vihar, New Delhi-110057 |
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Date of Birth/Age : |
05.07.1941 |
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Date of Appointment : |
27.12.1978 |
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Name : |
Mr. Harshad ray |
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Designation : |
Director |
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Name : |
Mr. Bhogilal P Shah |
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Designation : |
Director |
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Name : |
Mr. Virendra L Trivedi |
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Designation : |
Director |
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Name : |
Mr. Rasiklal M Kapadia |
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Designation : |
Director |
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Name : |
Mr. Narendra N Kapadia |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Bipin Chandra J Sheth |
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Designation : |
CEO (Business Development) |
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Name : |
Mr. Arun S Shah |
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Designation : |
Secretary |
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Address : |
203, Sonmarg, |
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Date of Birth/Age : |
08.09.1936 |
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Date of Appointment : |
01.07.1993 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
No. of Shares |
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Mrs. Rekha H Kapadia And Mrs. Nini Y Kothari |
1348 |
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Mrs. Nini Y Kothari and Rekha H Kapadia |
1200 |
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Mrs. Priti V Chandaria and Mrs. Nini Y Kothari |
1000 |
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Mrs. Gouri B Mistry and Mrs. Nini Y Kothari |
1000 |
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Mrs. Nini Y Kothari |
350 |
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Mrs. Gouri B Mistry |
350 |
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Mrs. Priti V Chandaria |
350 |
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Rama |
587 |
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Mrs. Rama N Kapadia |
1465 |
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Mrs. Rama N Kapadia |
350 |
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Ms. Shefali N Kapadia |
867 |
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Mr. P N Kapadia And Mrs. Sujata P Kapadia |
1105 |
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Ms. Shefali N Kapadia and Mrs. Rama N Kapadia |
238 |
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Mrs. Lalan A Kapadia and Mrs. Rama N Kapadia |
1105 |
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Mrs. Rama N Kapadia |
236 |
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Mrs. Rama N Kapadia and Mrs. Subhadra R Kapadia (HUF) |
1027 |
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Ms. Anandi Vangal and Mr. U R Kapadia |
1 |
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Mr. Utsav R Kapadia and Mrs. Sushila U Kapadia (HUF) |
3264 |
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Mr. Utsav R Kapadia and Mrs. Sushila U Kapadia |
638 |
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Mrs. Nirmala H Kapadia And Ms. Rajul H Kapadia Mr. P N Kapadia And Mr. A N Kapadia |
1626 |
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Ms. Rajul H Kapadia and Mr. P N Kapadia |
1605 |
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Total |
19712 |
As on 31.03.2006
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Names of Shareholders |
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Percentage of
Holding |
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Foreign holdings |
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7.00 |
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Directors or their relatives |
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93.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject as an indenting house to meet the requirements of importers
and exporters – mainly of commodities. |
GENERAL INFORMATION
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No. of Employees : |
11-50 |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
J P Doshi and Company Chartered Accountants |
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Address : |
B/5, |
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Associates/Subsidiaries : |
v
Harshadray Investment Private Limited v
Hame Agencies Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25000 |
Equity Shares |
Rs.100/- each |
Rs.2.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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19712 |
Equity Shares |
Rs.100/-
each |
Rs.1.971
millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.971 |
1.971 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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372.301 |
310.634 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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374.272 |
312.605 |
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LOAN FUNDS |
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1] Secured Loans |
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15.555 |
17.390 |
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2] Unsecured Loans |
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8.500 |
8.500 |
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TOTAL BORROWING |
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24.055 |
25.890 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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398.327 |
338.495 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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44.109 |
33.805 |
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Capital work-in-progress |
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0.047 |
0.714 |
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INVESTMENT |
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301.113 |
229.738 |
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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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6.270 |
2.911 |
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Sundry Debtors |
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5.901 |
4.196 |
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Cash & Bank Balances |
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13.328 |
4.187 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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81.658 |
97.304 |
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Total
Current Assets |
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107.157 |
108.598 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.213 |
6.589 |
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Provisions |
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38.886 |
28.731 |
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Total
Current Liabilities |
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54.099 |
35.320 |
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Net Current Assets |
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53.058 |
73.278 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.960 |
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TOTAL |
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398.327 |
338.495 |
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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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NA |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
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NA |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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NA |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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NA |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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0.21 |
0.19 |
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Current Ratio (Current Asset/Current Liability) |
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1.98 |
3.07 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
They take this
opportunity to introduce themselves as an International Indenting Agent in
They give below the brief description of their group company:
Tecnimont ICB Limited
This is an
Engineering and Consulting Company and are having collaboration with Tecnimont
SpA..,
Kaira Can Company Limited
This company is manufacturing metal containers for Amul Dairy. Recently they
have set up a milk processing and distribution station and have also ventured
in the manufacture of Ice Cream Cones. This company is having a Joint Venture
with Amul.
Protos Engineering Co. Private Limited
This company represents various well known companies for various type of
machinery, equipment and raw material. This includes chemical plants off shore
and on shore oil production and exploration, sugar machinery, mining industry,
steel and fertilizer plants and equipment. This company also has 2 subsidiaries
i.e. Sortimat Protos Automation Private Limited, where they manufacture
Automated Assembly Machines and Delimon Protos India Private Limited, where
they manufacture high pressure centralized lubrication system. Both these
companies are German based and are having joint venture with them.
TUV India Private Limited
This is a joint
venture company of TUV Germany and they are providing services in the field of
industrial inspection and technical approval of work certification of ISO 9000
series.
Silicon Interfaces Limited
This is a software
company which is into analysis, design, coding, testing and development of
software. This company has also entered into B to B and B2C commerce space.
Harshadray Private Limited
This is the Parent
company who have agency from
Hame Agencies Private Limited
This company represent in
They are having offices in Kolkatta, Chennai,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.44 |
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1 |
Rs.82.03 |
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Euro |
1 |
Rs.55.42 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
9 |
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OPERATING SCALE |
1~10 |
9 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
9 |
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--LIQUIDITY |
1~10 |
9 |
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--LEVERAGE |
1~10 |
9 |
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--RESERVES |
1~10 |
9 |
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--CREDIT LINES |
1~10 |
9 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--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 |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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81 |
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
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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. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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