MIRA
INFORM REPORT
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Report Date : |
04.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
CITADEL AGRICULTURAL SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
303, Vasan Udyog Bhavan, off Senapati Bapat Marg, opposite Phoenix Mill,
Lower Parel (West), Mumbai – 400 013, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
03.09.2002 |
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Com. Reg. No.: |
0302069429 |
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IEC No.: |
U74210MH200PTC137052 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Provider of Architecture Solutions. |
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 : |
USD 60000 |
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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 records. Trade relations are 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
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Registered Office : |
303, Vasan Udyog Bhavan, Off Senapati Bapat Marg, Opposite Phoenix
Mill, Lower Parel (West), Mumbai – 400 013, Maharashtra |
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Tel. No.: |
91-22-56633961 |
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Mobile No.: |
91-9324415511 |
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Fax No.: |
91-22-56626932 |
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E-Mail : |
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Website : |
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Area : |
1000 sq.fts |
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Location : |
Rented |
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Factory : |
Gala No. 17, Shiv – Shakti Complex, Hanuman Compound , Kalher Village,
Taluka – Bhiwandi, District – Thane |
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Tel. No.: |
91-9819040096 / 95252273940 |
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Location : |
Rented |
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Branches : |
A -91/B, 3rd Floor, Lajpat Nagar – II, New Delhi – 110 024 |
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Tel. No.: |
91-11-29840120 |
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Fax No.: |
91-11-29840120 |
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E-Mail : |
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Area : |
950 sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Vinay Kumar |
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Designation : |
Managing Director |
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Address : |
D -102, Llyods Estate, Near Sangam Nagar, wadala (East), Mumbai – 400
037 |
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Date of Birth/Age : |
16.03.1967 |
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Qualification : |
Chemical engineer |
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Experience : |
20 years |
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Name : |
Mr. Vijay Kumar |
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Designation : |
Director |
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Address : |
35, Shreyas, 180 Madam Cama Road, Mumbai – 400 020 |
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Date of Birth/Age : |
01.06.1934 |
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Qualification : |
Chemical Engineer |
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Experience : |
50 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
Percentage of
Holding |
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Mr. Rashi Kumar |
108000 |
20% |
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Mr. Vinay Kumar |
108000 |
20% |
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Mrs. Veena Kumari |
264600 |
49% |
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Mr. Vijay Kumar |
59400 |
11% |
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Total
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540000 |
100% |
BUSINESS DETAILS
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Line of Business : |
Provider of Architecture Solutions. |
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Agencies Held : |
· Atco International · Dynaspec SDN BHD · Gulf Acrylic Ind. Limited · 3 M India, Bangalore |
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Terms : |
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Selling : |
Credit (60 Days) |
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Purchasing : |
L/C, Credit ( 30-60 Days) |
GENERAL
INFORMATION
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Suppliers: |
· Atco international · Gulf Acrylic Ind. Limited · Dynaspec SDN BHD · Hyplast NV · Emp – Switzerland |
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Customers : |
· Bridgestones India Private Limited · Accenture Services Private limited · Intertarch Products Private limited · Tata Bluescoop Steel limited · Intertouh Metal Building Private limited |
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No. of Employees : |
94 ( 46 In Office, 20 In
Branch, 28 In Factory) |
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Bankers : |
Central Bank Of India Address: Chandramukhi Building, Nariman Point Branch. Mumbai – 400
021, Maharashtra |
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Facilities : |
Cash, Credit Limit Of Rs. 10.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
R G Varaiya and Associates |
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Address : |
191-Kika Street, Sukaushal Niwas, 1sdt Floor, Mumbai – 400 002,
Maharashtra |
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Tel. No.: |
91-22-23464498 |
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Fax No.: |
91-22-66340697 |
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E-Mail : |
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Associates/Subsidiaries : |
Germini Agro Private Limited Address: 303, Wasan
Udyog Bhavan , Off Senapati Bapat Marg, Opposite Phoenix Mill, Lower Parel
(West) Mumbai – 400 013 Activity: Carry On Business
As Producers, Exporters, Buyers, Sellers, Agents, Wholesalers, Distributors
And Retailers In Plant, Flower, Seeds And All Other Agricultural,
Horticultural And Plantation Products. |
CAPITAL STRUCTURE
As on 30.10.2007:
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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540000 |
Equity shares |
Rs. 10/-
each |
Rs. 5.400
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.800 |
0.900 |
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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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12.399 |
6.359 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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14.199 |
7.259 |
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LOAN FUNDS |
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1] Secured Loans |
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10.504 |
7.180 |
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2] Unsecured Loans |
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5.165 |
5.296 |
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TOTAL BORROWING |
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15.669 |
12.476 |
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DEFERRED TAX LIABILITIES |
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[0.169] |
[0.149] |
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TOTAL |
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29.699 |
19.586 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.860 |
1.946 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.100 |
0.100 |
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DEFERREX TAX ASSETS |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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13.374 |
10.099 |
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Sundry Debtors |
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29.076 |
16.005 |
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Cash & Bank Balances |
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0.267 |
0.672 |
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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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11.135 |
6.517 |
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Total
Current Assets |
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53.852 |
33.293 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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20.168 |
11.799 |
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Provisions |
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6.945 |
3.955 |
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Total
Current Liabilities |
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27.113 |
15.754 |
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Net Current Assets |
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26.739 |
17.539 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.001 |
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TOTAL |
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29.699 |
19.586 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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118.806 |
61.784 |
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Other Income |
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0.771 |
1.236 |
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Total Income |
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119.577 |
63.020 |
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Profit/(Loss) Before Tax |
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11.807 |
5.621 |
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Provision for Taxation |
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4.705 |
2.240 |
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Profit/(Loss) After Tax |
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6.381 |
3.020 |
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Import value |
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19.352 |
10.463 |
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Dividend |
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0.720 |
0.360 |
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Expenditures : |
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Cost of Goods Sold |
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60.655 |
31.853 |
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Manufacturing Expenses |
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3.274 |
4.317 |
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Administrative Expenses |
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22.359 |
13.970 |
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Finance cost |
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2.696 |
1.938 |
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Selling and distribution Expenses |
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5.219 |
3.060 |
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Depreciation & Amortization |
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0.761 |
0.432 |
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Total Expenditure |
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94.964 |
55.570 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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5.33 |
4.79 |
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Net Profit Margin (PBT/Sales) |
(%) |
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9.93 |
9.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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20.81 |
15.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.83 |
0.77 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.01 |
3.88 |
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Current Ratio (Current Asset/Current Liability) |
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1.98 |
2.11 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Atco International
Address: 826, Pracha – Uthit, Samsennok, Huaykwang, Bangkok – 10320, Thailand
Tel No: 66-22742981-2/22744592-3
· Gulf Acrylic Ind. Limited.
Address: P .O Box – 31, Postal Code: 327,
Sohar Industrial Estate, Sultanate, Of Oman,
Tel No: 91-22-26751193 / 26751762
WEBISTES DETAILS:
Subject is an innovative company headquartered in
Mumbai. Its is India‘s premier architectural products company And is working
with a number of innovative roofing and cladding as well as interior high
quality products for the construction sector over the last few years.
Subject has a total solutions approach to design problems of architects, contractors and builders for executing projects from conception of project to commissioning in terms of material selection, design, supply and installation.
The company has a highly experienced team of engineers and trained technicians with in house Auto Cad and other operational Facilities.
The Company provides competitive rates and undertakes installation by trained personnel ensuring proper care, minimal wastage, long life and greater credence to manufacturer’s warranty, giving a high value in return for the money spent.
Subject utilizes the know-how acquired over the past few years to provide a high level of customer satisfaction and after sales service for the complete project.
PRODUCTS PORTFOLIO:
Subject currently carries the following products in its portfolios:
Exterior product
Division:
Openable Roof and Screen System:
The products is manufactured out of precoated steel for covering outdoor areas like swimming pools , open air restaurants, courtyards, sit out, etc.
The company has an impressive list of 5 clients across the country including 5 and 4 star hotels, up market restaurants, commercial buildings, residences, etc
The products are the only one of its type in the Indian market and has strong brand recall with architects.
Polycarbonate Sheets:
Subject has an arrangement with a Switzerland based company for the import and distribution of the multiwall type of polycarbonate sheets.
The PC sheets are being supplied to the industrial and commercial segments in India.
M/s EMP of Switzerland is one of the major manufacturers and suppliers of a wide range of polycarbonate sheets in the world. EMP has its manufacturing plant in Switzerland and markets its products in 40 countries around the world. Their main polycarbonate USP is a wide range of multiwall sheets, profiled corrugated sheets and specialty polycarbonate sheets. Subject has an exclusive arrangement with EMP to market their products in India.
In addition for the flat sheets Subject works with a Muscat based company M/s Gulf Acrylic for clear and embossed sheets.
Most of the suppliers are for in house turnkey projects for installations of canopies, domes, pyramids and other kinds of polycarbonate roofing structures which are executed by Subject from design to installation. Subject is currently considered as a specialized contracting company for polycarbonate.
Aluminium composite panels and glass glazing projects:
Subject offers turnkey installation services for aluminium composite panel (ACP) jobs across the country. Subject works with selected ACP suppliers – both local and imported for the same.
In addition Subject also undertakes curtain wall and wall façade glass glazing projects on a turnkey basis.
Space Frame
Structures:
Subject undertakes turnkey projects fro space frames made out of mild steel or stainless steel. Theses spaces frames are normally clad with different types of material including, polycarbonate sheets, FRP, Galvalume Sheets, etc
Subject can provide detailed designing services for the space frames.
Industrial Products:
Wind Operated Turbo
Ventilators.:
Subject has an agreement with M/s ATCO International of Thailand for import and distribution of their wind operated turbine ventilators in India. The range includes both Aluminum and Stainless Steel ventilators and sizes range from 12” throat diameter going upto 40” throat diameter.
The primary focus of this product is for industrial ventilation due to following advantages over conventional power driven extractors and exhaust fans:
· The upfront capital cost is lower
· There is no maintenance costs as there are no moving parts in the ventilators.
· There is no question asked replacement warranty for 10 years on the products
· No recurring expenses since it operation on wind energy. This is a major saving to industry since the power tariffs are now prohibitive
· The product is allowed 100% depreciation as per IT rules.
Subject is a pioneer in this field and has a major market share in the country for the turbo ventilators.
Profiled
polycarbonate Sheets:
This product is used by the industrial sectors for industrial sky lighting and Subject supplies the same in a range of profiles.
The base material is a 2 mm embossed polycarbonate sheet which is shaped into profile required by customer.
The profiles are made by using cold punching technique on press brake or thermo – forming technique. The main advantage.
Sdynapsec Radiant and
Vapour Barrier:
Subject has entered into an agreement with M/s Dynaspec of Malaysia to import and market their Radiant and Vapour Barrier film for the Industrial segment in India.
This product is an alternative to the normally used glass wool insulation with aluminum paper foil on the roof under the metal sheets.
Then radiant and Vapour barrier gives better heat reduction as compared to glass wool insulation by reducing the incidence of radiation heat energy.
Machine Made FRP
Profiles:
Subject has launches in collaboration with M/s Polser of turnkey, a range of high end machine m,ade FRP sheets for industrial skylighting . This machine made FRP sheets have a number of advantages over the hand made FRP sheets as available currently in India as also the profiled polycarbonate sheets.
ECI – Ceramic
Coatings:
Through A Recent tie –up with M/s MSI Thailand Subject has introduced reflective ceramic coatings for the roof. This product is a high end coating system which has long life and can be used on metal roof, concrete roofs and other kind of roofing material.
This product enables reduction of the heat coming into factory premises – this is a useful tool to reduce the energy cost in an air conditioned factory. Also in a regular factory it helps to increase the effectiveness of the insulation layer. It also helps to some extent as water – proofing medium.
Interior Product
Division:
3M India limited –
Construction Markets Centre:
Subject is the Channel Partner of 3 M India for their construction Markets Centre (CMC) Division. 3M India limited is a subsidiary of 3 M USA
.
The product range comprises the following product lines:
A: Interior
Enhancement business:
a) Dusted and frosted films which reused on glass walls, doors and glass surface as privacy films as an alternative to etched glass.
b) Wall graphic films used for creating theme based ambience in corporate environment.
c) A range of safety films to be used on interior glasses – this also includes self design films on the safety films
d) A range of accessories for the interior contractor industry.
B: Fire protection
Products:
These are passive fore protection products used to prevent the spread of fire in commercial and / or industrial buildings.
C: Exterior Glazing
products:
These include high end VHB tapes, a range of solar control films and also safety films
Through this product range Subject has been able to establish an excellent relationship with interior design firms, architect, design agencies, project management companies and interior contractors in western India.
Turnkey Solutions
Company;
Subject has emerged as a turnkey solution provider to architect or Clients for its products. The company has a full fledged Design Department equipped with appropriate hardware and software including AUTOCAD Design capabilities as well as Structural Design capabilities using STAAD to provide the complete solution and backup to the customers.
The company has in – house installation teams for undertaking turnkey jobs anywhere in the country. These solutions are provided for all the products in the portfolio.
Geographical Reach:
The company has offices in 4 cities – Mumbai, Pune, Delhi
AND Bangalore and a dealer network of 40 around the country.
Financials:
The company is a profit making firm since its
inception and for the financial year 2007-2008 the revenues are expected to be
around Rs. 220 million (USD 5 millions).
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.39.67 |
|
UK Pound |
1 |
Rs.81.78 |
|
Euro |
1 |
Rs.58.46 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
--- |
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DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--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 |
|