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MIRA
INFORM REPORT
|
Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
|
Name : |
AKZO NOBEL CHEMICALS (INDIA) LIMITED |
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Registered Office : |
501 -502, 5th Floor, San Mahu Complex, 5, Bund Garden Road. Opp. Poona Club, Pune –
411001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.08.1990 |
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Com. Reg. No.: |
016569 |
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CIN No.: [Company
Identification No.] |
U24116PN1990PLC016569 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNEA04770D / PNEA05181B |
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PAN No.: [Permanent
Account No.] |
AADCA3914N |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer of Polymerisation initiator chemicals, these chemicals are used in the manufacture of various polymers such as PVC, HDPE and LDPE. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 3848528 |
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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. Available information indicates satisfactory track. Directors are reported as experienced, respectable and having satisfactory means of their own. Their trade relations are reported as fair. Payments are reported as usually correct and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
501 -502, 5th Floor, San Mahu Complex, 5, Bund Garden Road. Opp. Poona Club, Pune –
411001, Maharashtra, India |
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Tel. No.: |
91-20-26125822 |
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E-Mail : |
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Corporate Office : |
401, Century Arcade, Narangi Baug Road, Pune – 411001, Maharashtra,
India |
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Tel. No.: |
91-20-26125822/26123489 |
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Fax No.: |
91-20-26122597 |
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E-Mail : |
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Factory 1 : |
C-61, (Part), E 19/20, MIDC, Industrial Area, Mahad, District – Raigad – 402301 |
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Tel. No.: |
91-2145-232153 / 232145 |
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Fax No.: |
91-2145-232148 |
DIRECTORS
|
Name : |
Mr. Robert. E. Margevich |
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Designation : |
Director |
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Address: |
4010, Meadow View, Drivest Charles, illinois – 60175, USA |
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Date of Birth/Age : |
29.05.1957 |
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Date of Appointment : |
28.07.2000 |
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Name : |
Mr. Berend Stuut |
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Designation : |
Director |
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Address: |
100, East Huron Apartment Chicago – 60611, USA |
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Date of Birth/Age : |
03.01.1948 |
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Date of Appointment : |
28.07.2000 |
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Name : |
Mr. Heinrich Aldenhoven |
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Designation : |
Director |
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Address: |
Oudegracht 341, 3511 Pdtutrecht, Netherlands |
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Date of Birth/Age : |
16.06.1954 |
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Date of Appointment : |
29.09.05 |
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Name : |
Mr. Dinanath Yashwant Gaitonde |
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Designation : |
Director |
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Address: |
1091/83, Hare Krishna Mandir Road, Model Colony, Pune – 411016, Maharashtra, India |
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Date of Birth/Age : |
06.10.1929 |
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Date of Appointment : |
27.04.1992 |
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Name : |
Mr. Ashish Sharad Dalal |
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Designation : |
Director |
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Address: |
Pallav 1st Floor, Near Lallubhai Park, Andheri West, Mumbai – 400058, Maharashtra, India |
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Date of Birth/Age : |
27.07.1956 |
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Date of Appointment : |
28.07.2000 |
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Name : |
Mr. Shrikant Krishna Kulkarni |
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Designation : |
Managing Director |
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Address: |
Flat – 1, Amar Heritage, D.P.Road, Pune – 411007, Maharashtra, India |
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Date of Birth/Age : |
23.11.1959 |
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Date of Appointment : |
08.03.2005 |
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Name : |
Mr. Wilfridus M. Brouwer |
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Designation : |
Director |
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Address: |
Tai Yuan Villa, 160, Tai Yuan Road, Aptt 7301, Shanghai – 200031, Maharashtra, India |
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Date of Birth/Age : |
13.03.1958 |
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Date of Appointment : |
26.09.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Shrikant K. Kulkarni |
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Designation : |
President and
Manager |
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Date of Birth/Age : |
23.11.1959 |
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Qualification : |
B. Sc. (Tech.) D.B.M. |
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Date of Appointment : |
08. |
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Last employment
held : |
Asst. Production Officer in Sandoz (I) Limited |
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Name : |
Mr. S. K. Singhvi |
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Designation : |
General Manager (Finance) and Company Secretary |
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Name : |
Mr. K A Kakade |
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Designation : |
Asst. Company Secretary |
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Name: |
Mrs. Meenal Hemant Abhyankar |
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Designation |
Company Secretary |
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Address: |
1011/20B, Chidanand, Mitra Co-operative
Society, Near Deep Bunglow Chowk, Shivajinagar, Pune – 411016, India |
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Date of Birth/Age : |
24.02.1978 |
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Last employment
held : |
03.10.2006 |
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Name : |
Mrs. Kanchan Jagdish Nakhe |
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Designation : |
Secretary |
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Address: |
Neelkanth 1201 – A/3, Ghole Road, Shivaji
Nagar, Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
21.12.1981 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Surendra Kumar Singhvi |
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Designation : |
Secretary |
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Address: |
A.8, Kumar Aashiyana, 582 Panmala, Pune –
411030, Maharashtra, India |
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Date of Birth/Age : |
24.11.1963 |
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Date of Appointment : |
24.11.1993 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
|
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|
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Century Enka Limited |
|
100 |
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Rajendra Ambalal Shah |
|
400 |
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Goverdhandas Macpani |
|
100 |
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Dinanath Yeshwant Gaitonde |
|
100 |
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Girdnarilal. Singhani |
|
100 |
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Krishen Dev |
|
100 |
|
Jawahar Manikchand Sancheti |
|
100 |
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Total |
|
1000 |
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Category |
|
Percentage |
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Foreign Holding (FIIs/FCs/FFIs/NRIs/OCBs) |
|
97.62 |
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Mutual Fund |
|
0.02 |
|
Bodies Corporate (Not mentioned above) |
|
0.05 |
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Other top fifty (50) shareholders (other than listed above) |
|
2.31 |
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|
|
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Total |
|
100.00 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer of Polymerisation initiator chemicals, these chemicals are used in the manufacture of various polymers such as PVC, HDPE and LDPE. |
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Products : |
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PRODUCTION STATUS (As on 31.03.2005)
|
Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Polymerisation Initiators |
MT |
-- |
1200 |
858.701 |
|
Catalyst |
MT |
-- |
-- |
411.524 |
GENERAL
INFORMATION
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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 : |
Bharat S. Raut and Company Chartered Accountants |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
9900000 |
Equity shares |
Rs.10/- each |
Rs.99.000
Millions |
|
10000 |
Preference shares |
Rs.10/- each |
Rs.1.000
Million |
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Total |
|
Rs.100.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
4,900,000 |
Equity Shares |
Rs. 10/- each |
Rs.49.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES
OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS
FUNDS |
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|
|
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|
1] Share Capital |
49.000 |
49.000 |
49.000 |
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2] Share
Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves &
Surplus |
913.132 |
769.533 |
625.557 |
|
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
|
962.132 |
818.533 |
674.557 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured
Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING
|
0.000 |
0.000 |
0.000 |
|
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DEFERRED TAX
LIABILITIES |
2.621 |
5.154 |
7.321 |
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TOTAL
|
964.753 |
823.687 |
681.878 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
|
58.401 |
65.205 |
72.713 |
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Capital work-in-progress
|
0.766 |
0.000 |
0.090 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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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
|
75.277 |
67.131 |
49.233 |
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Sundry Debtors
|
49.375 |
57.446 |
78.107 |
|
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Cash & Bank Balances
|
46.479 |
107.941 |
44.722 |
|
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Other Current Assets
|
6.848 |
6.002 |
4.878 |
|
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Loans & Advances
|
1014.953 |
753.403 |
587.614 |
Total Current Assets
|
1192.932 |
991.923 |
764.554 |
|
Less :
CURRENT LIABILITIES & PROVISIONS
|
|
|
|
|
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Current Liabilities
|
102.887 |
124.841 |
99.784 |
|
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Provisions
|
184.459 |
108.600 |
55.695 |
Total Current Liabilities
|
287.346 |
233.441 |
155.479 |
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Net Current Assets
|
905.586 |
758.482 |
609.075 |
|
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
|
|
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|
|
|
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TOTAL
|
964.753 |
823.687 |
681.878 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
393.222 |
405.238 |
448.800 |
|
|
Other Income |
59.625 |
49.315 |
34.700 |
|
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Total Income |
452.847 |
454.553 |
483.500 |
|
|
|
|
|
|
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|
Profit/(Loss) Before Tax |
216.168 |
218.100 |
122.800 |
|
|
Provision for Taxation |
72.569 |
74.100 |
45.300 |
|
|
Profit/(Loss) After Tax |
143.599 |
144.000 |
77.500 |
|
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Earnings in Foreign Currency : |
|
|
|
|
|
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Export Earnings |
87.808 |
101.606 |
60.376 |
|
|
Other Earnings |
0.000 |
9.936 |
6.838 |
|
Total Earnings |
87.808 |
111.542 |
67.214 |
|
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Imports : |
|
|
|
|
|
|
Raw Materials |
0.000 |
180.793 |
119.747 |
|
|
Stores & Spares |
0.000 |
0.506 |
0.357 |
|
|
Capital Goods |
0.000 |
0.322 |
1.428 |
|
Total Imports |
0.000 |
181.621 |
121.532 |
|
|
|
|
|
|
|
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Expenditures : |
|
|
|
|
|
|
Raw Materials |
206.514 |
213.500
|
159.600
|
|
|
Consumption of stores and spares parts |
8.680 |
0.000 |
0.000 |
|
|
Increase/(Decrease) in Finished Goods |
(2.997) |
0.000 |
0.000 |
|
|
Salaries, Wages, Bonus, etc. |
16.514 |
0.000 |
0.000 |
|
|
Managerial Remuneration |
3.031 |
0.000 |
0.000 |
|
|
Payment to Auditors |
0.407 |
0.000 |
0.000 |
|
|
Insurance Expenses |
1.773 |
0.000 |
0.000 |
|
|
Excise Duty |
0.000 |
66.400
|
56.900
|
|
|
Power & Fuel Cost |
10.297 |
7.200
|
6.700
|
|
|
Other Manufacturing Expenses |
0.000 |
14.800
|
15.200
|
|
|
Employee Cost |
0.000 |
15.600
|
19.500
|
|
|
Selling and Administration
Expenses |
0.000 |
71.300
|
57.200
|
|
|
Miscellaneous Expenses |
0.000 |
10.700
|
11.300
|
|
|
Depreciation |
10.866 |
12.700
|
34.300
|
|
|
Other Expenditure |
69.402 |
|
|
|
Total Expenditure |
324.487 |
412.200 |
360.700 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
31.71
|
31.68 |
16.03 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
54.98
|
53.82 |
27.37 |
|
|
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|
|
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
17.28
|
20.64 |
14.67 |
|
|
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|
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|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.23
|
0.27 |
0.19 |
|
|
|
|
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.30
|
0.29 |
0.23 |
|
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|
|
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|
Current Ratio (Current Asset/Current Liability) |
|
4.16
|
4.25 |
4.92 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets
- Leasehold Land
- Buildings
- Plant and Machinery
- Furniture
- Fixtures and Office Equipments
- Vehicles
- Leasehold Improvements
- Capital
- Work in progress
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.39.56 |
|
UK Pound |
1 |
Rs.81.39 |
|
Euro |
1 |
Rs.58.04 |
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 |
7 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
YES |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
46 |
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 |
|