MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SUVINO EXPORTS PRIVATE LIMITED |
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Registered Office : |
32, Narayan Niwas, 3rd Floor, 149/151, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
11.09.1987 |
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Com. Reg. No.: |
11-44642 |
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CIN No.: [Company
Identification No.] |
U17120MH1987PTC044642 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS35396E |
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PAN No.: [Permanent
Account No.] |
AAACS7206F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader, Exporter and Importer of Suvino Grit (Copper
Slag). |
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 125084 |
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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. 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
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Registered Office : |
32, Narayan Niwas, 3rd Floor, 149/151, |
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Tel. No.: |
91-22-22087843 / 22071320 |
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Fax No.: |
91-22-22000737 |
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E – Fax: |
1-208-246-6258 |
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E-Mail : |
exports@suvino.com / avishek@sovino.com /careers@suvino.com vinod@suvino.com |
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Website : |
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Area : |
200 sq. fts. |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Vinod Prabhudayal Modi |
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Designation : |
Director |
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Address : |
103, Shubh Apartments, |
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Date of Birth/Age : |
13.08.1950 |
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Qualification : |
B.Sc. |
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Experience : |
25 years |
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Date of Appointment : |
11.09.1987 |
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Name : |
Mr. Avisher Vinod Modi |
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Designation : |
Director |
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Address : |
103, Shubh Apartments, |
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Date of Birth/Age : |
24.09.1978 |
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Qualification : |
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Experience : |
7 years |
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Date of Appointment : |
31.10.1997 |
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Name : |
Mrs. Sumitra Modi |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Vinod Prabhudayal Modi |
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Designation : |
Chief Executive |
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Date of Birth/Age : |
13.08.1950 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names Of Shareholders |
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No. of Shares |
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Mr. Vinod P Modi |
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8,050 |
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Mrs. Sumitra V Modi |
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1,250 |
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Mr. Anirudh V. Modi |
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1,250 |
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Mr. Avishek V Modi |
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14,450 |
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Total |
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25,000 |
Equity share breakup (percentage of total equity)
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S. No. |
Category |
Percentage |
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1 |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Suvino Grit (Copper
Slag). |
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Products : |
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Agencies Held : |
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Exports : |
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Products : |
Industrial Salt, Copper Slag and Acid |
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Countries : |
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Terms : |
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Selling : |
L/C and Cash |
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Purchasing : |
Cash or Credit (30 days) |
GENERAL INFORMATION
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Suppliers : |
·
Darteno Industries, Anand, ·
SNJ Synthetics Limited, · Safex Fire Services Limited, Mumbai
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Customers : |
Wholesalers |
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No. of Employees : |
5 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M s S. C. Jalan and Associates Chartered Accountant |
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Address : |
Room No. 1, |
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Tel. No.: |
91-22-22070816 |
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Memberships : |
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Associates/Subsidiaries : |
Suvino Consultants |
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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25000 |
Equity shares |
Rs. 100/- each |
Rs 2.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.500 |
2.500 |
2.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
28.771 |
8.363 |
8.447 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
31.271 |
10.863 |
10.947 |
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LOAN FUNDS |
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1] Secured Loans |
3.694 |
30.227 |
30.226 |
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2] Unsecured Loans |
4.023 |
3.255 |
4.761 |
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TOTAL BORROWING |
7.717 |
33.482 |
34.987 |
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DEFERRED TAX LIABILITIES |
0.056 |
0.053 |
0.051 |
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TOTAL |
39.044 |
44.398 |
45.985 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
0.371 |
0.384 |
0.419 |
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Capital work-in-progress |
0.00 |
0.00 |
0.000 |
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INVESTMENT |
0.400 |
0.400 |
3.487 |
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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 |
1.533
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3.271 |
2.761 |
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Sundry Debtors |
49.973
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42.152 |
39.278 |
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Cash & Bank Balances |
1.802
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4.173 |
2.618 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
17.111
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13.944 |
7.340 |
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Total
Current Assets |
70.419
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63.540 |
51.997 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
32.146
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19.926 |
9.918 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
32.146
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19.926 |
9.918 |
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Net Current Assets |
38.273
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43.614 |
42.079 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
39.044 |
44.398 |
45.985 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
11.880 |
69.651 |
93.274 |
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Total Income |
11.880 |
69.651 |
93.274 |
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Profit/(Loss) Before Tax |
0.031 |
0.023 |
0.073 |
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Provision for Taxation |
0.000 |
0.000 |
0.003 |
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Profit/(Loss) After Tax |
0.031 |
0.023 |
0.070 |
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Earnings in Foreign Currency : |
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Export Earnings |
NA |
NA |
9.899 |
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Total Earnings |
NA |
NA |
9.899 |
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Expenditures : |
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Cost of Goods Sold |
NA |
NA |
78.119 |
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Administrative Expenses |
NA |
NA |
13.035 |
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Depreciation & Amortization |
0.078 |
0.084 |
0.085 |
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Other Expenses |
111.772 |
69.544 |
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Total Expenditure |
111.850 |
69.628 |
91.239 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.26
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0.03 |
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.26
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0.03 |
0.07 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.04
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0.03 |
0.13 |
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Return on Investment (ROI) (PBT/Networth) |
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0.00
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0.00 |
0.00 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.27
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4.91 |
4.10 |
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Current Ratio (Current Asset/Current Liability) |
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2.19
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3.18 |
5.24 |
LOCAL AGENCY FURTHER INFORMATION
HISTORY
Subject was incorporated on 11th September, 1987 at Mumbai in
BUSINESS
Subject is engaged in the business as Trader, Exporter and Importer of Suvino Grit (Copper Slag).
Subject offers the following products from
ABRASIVES
Copper Slag (Grit)
Steel Shots
Others
BASIC CHEMICALS
Hydrochloric Acid (HCl)
Liquid Chlorine (Cl)
Soda Ash
Sulphuric Acid (H2SO4)
Others
CHEMICALS (others)
Acetic Acid Glacial 99.50%
Alluminium Hydrate
Glycerine
Mineral Iron Oxide (Fe2O3) (Hematite)
Petroleum Jelly
Poly Aluminium Chloride (PAC)
Pottasium Hydroxide (KOH)
Others
ENGINEERING ITEMS
Flanges
Pipes & fittings
Instrumentation fittings
Valves
Others
MINERALS and ORES
Bauxite
Bentonite
Barytes
Feldspar
PACKAGING
Corrugated Cartons
Paper Cones
PP / HDPE Woven bags
FIBC (Jumbo bags)
Tin Boxes
Used Jute bags
AGRICULTURE
All kinds of fruit pulps/concentrates
Maize Starch
Maize / Corn
Peanuts
Rice (Long grain & Basmati)
Sugar (from sugar cane)
Tomato Paste
Wheat
Wheat Flour
CEMENT
Fly Ash
GBFS
High Slag Cement
Oil Well Cement
Ordinary Portland Cement
White Cement
FIRE FIGHTING EQUIPMENTS
MACHINERIES
Electrostatic Oil Cleaners
Pigment Testing Equipments
OTHERS
Pigments
Printing Paper
Rock Salt
Safety matches
Wax Candles
SOLAR SALT
Free Flow Refined Iodized Salt
Pure Vaccum Dried (PVD) Salt
Textile Dyeing Salt
TEXTILE
All types of Yarn and Cloth
WAXES
Bees Wax
Emulsifying Wax
Rice Bran Wax
It is in trade terms with :
- Larsen
and Tourbo Limited, Surat Hazisa Road, Surat-394510,
Tel : 91-261-2860164
Contact Person : Mr. Pritesh Shah
- Manickam
Minerals, 146,
Tel : 91-461-2324955
Contact Person : Mr. Chockalingam
- Chowgule
and Company (Salt) Limited, Chowgule House,
Tel : 91-833-2521010
Contact Person : Mr. S. Mahadevan
Profile
Subject is a leading exporter of the various products, and
for some products it is the only exporters from
The Chairman, Mr. Vinod Modi promoted the Company in 1987 with the intention of
expanding the markets for various products manufactured or produced
cost-effectively in
The Company is an EXPORT HOUSE dealing in many products and commodities. It has
exposures in items spanning various categories like Agricultural, Textiles,
Engineering, Packaging, Iron & Steel, Minerals & Ores, Cement &
Clinker, Salt, Sugar, etc.
Subject is member of the following :
1. Federation of Indian Export Organizations (FIEO)
2. Engineering Export Promotion Council (EEPC)
3. Agricultural Produce Export Development Authority (APEDA)
4. Indian Merchants Chamber (IMC)
5.
6. All
7. Bharat Merchants Chamber
The company is registered with the Dun & Bradstreet Global Database. It D
and B D-U-N-S number is 86-225-7818
GROUP HIGHLIGHTS
Suvino Group
SUVINO is among the
fastest growing Trading Groups of India.
The team has been the
pioneers in the growth of exports of ALL grades of SOLAR SALT from
The group is
instrumental in General Electric Company, USA (Power Systems Division) signing
one of their first big Purchase Orders worth over US$ 10 million in India with
ACC Nihon Castings Limited in 2000.
In April 2002, we
have been appointed as the exclusive export agents for a host of fire fighting
equipments manufactured by Safex Fire Services Limited,
Sole exporter of
processed COPPER SLAG (Grit), suitable for abrasive blasting applications, in
containers from
Exporter of PAPER
TUBES from
The Group is
currently working on
IMPORTS DIVISION
The Group has
recently diversified into import activities also. The Group is currently
looking in imports of the following items –
- Titanium Dioxide
Anatase B101 and other chemicals for textile industry from
- Steel
coils/plates/sheets
- Pulses - Chickpeas, Green Peas, Yellow Peas, Mung, etc. of various origin
The Company is an
Authorized Agent for M/s Lakeside Pulse & Special Crops Limited,
The group consider its suppliers with whom they are a very long term and exclusive tie-ups for export marketing, as a part of the Group only. Some of them are –
1. Darteno
Industries, Anand,
2. SNJ Synthetics Limited,
3. Safex Fire Services Limited, Mumbai
4. Shreeram Salt Industries, Gandhidham,
5. Valtex India, Mumbai
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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.75 |
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|
1 |
Rs.81.63 |
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Euro |
1 |
Rs.54.79 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
48 |
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 |
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