MIRA
INFORM REPORT
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Report Date : |
18.07.2007 |
IDENTIFICATION DETAILS
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Name : |
PRATAP IMPEX – DIVISION OF ORIENT MARBLE PRIVATE LIMITED |
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Registered Office : |
Dr. Cowasji Harmusji, 2nd Dhuswadi, Mumbai – 400002 |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
22.04.1987 |
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Com. Reg. No.: |
11-43216 |
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CIN No.: [Company
Identification No.] |
U74101MH1987PTC043216 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Exporter
& Processor of all types of Marble, Granite, Sandstones & Slates |
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 73000 |
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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 concern having
satisfactory track records. Directors are reported as experienced 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 : |
Dr. Cowasji Harmusji, 2nd Dhuswadi, Mumbai – 400002 |
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Head Office/Factory : |
C/154, |
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Tel. No.: |
91-294-2441615/2442727 |
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Mobile No.: |
91-9414163737 |
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E-Mail : |
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Website: |
DIRECTORS
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Name : |
Mr. Gandhi Pratap Singh |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
26.01.1922 |
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Date of Appointment : |
22.04.1987 |
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Name : |
Mr. Gandhi Hemant Kumar |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
23.05.1950 |
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Date of Appointment : |
22.04.1987 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders (29.09.2004) |
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No. of Shares |
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Mr. Hemant Kumar Gandhi |
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52920 |
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Mrs. Gandhi Nirmala |
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10980 |
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Mr. Gandhi Pratap Singh |
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18000 |
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Mrs. Gandhi Nirmala J.T. Mr. Hemant Kumar Gandhi |
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10800 |
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Mrs. Gandhi Nanidevi J.T. Mr. Gandhi Pratap Singh |
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34200 |
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Mr. Gandhi Pratap Singh J.T. Mrs. Gandhi Nanidevi |
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21600 |
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Mr. Hemant Kumar Gandhi J.T. Mrs. Gandhi Nirmala |
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31500 |
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Category |
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Percentage of
Holding |
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Directors or relatives of directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter
& Processor of all types of Marble, Granite, Sandstones & Slates |
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Products : |
v Marble v
Granite v
Sandstones
v Slates |
GENERAL INFORMATION
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Bankers : |
The State Bank of Branch Kakroli, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. L. Dasharda & Associates Chartered Accountant |
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Address : |
2, Shreyas Apartments, Ground Floor, 113, Mumbai – 400058 , |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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180000 |
Equity Shares |
Rs. 100/- Each |
Rs. 18.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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180000 |
Equity Shares |
Rs. 100/- Each |
Rs. 18.000
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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18.000 |
18.000 |
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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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0.277 |
0.277 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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18.277 |
18.277 |
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LOAN FUNDS |
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1] Secured Loans |
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1.252 |
1.513 |
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2] Unsecured Loans |
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0.277 |
0.470 |
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TOTAL BORROWING |
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1.527 |
1.982 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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19.806 |
20.260 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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5.829 |
7.085 |
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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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0.000 |
0.000 |
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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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0.351 |
0.589 |
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Sundry Debtors |
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1.015 |
0.671 |
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Cash & Bank Balances |
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0.084 |
0.350 |
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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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0.355 |
0.423 |
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Total
Current Assets |
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1.805 |
2.033 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.339 |
0.169 |
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Provisions |
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0.013 |
0.063 |
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Total
Current Liabilities |
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0.352 |
0.232 |
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Net Current Assets |
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1.454 |
1.801 |
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MISCELLANEOUS EXPENSES |
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12.523 |
11.374 |
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TOTAL |
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19.806 |
20.260 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [Including other Income] |
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5.713 |
5.210 |
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Total Income |
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5.713 |
5.210 |
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Profit/(Loss) Before Tax |
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(0.366) |
(0.242) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(0.366) |
(0.242) |
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Expenditures : |
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Total Expenses |
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6.080 |
5.452 |
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Interest |
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0.155 |
0.233 |
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Depreciation |
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0.486 |
0.473 |
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Total Expenditure |
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6.721 |
6.158 |
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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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(6.41) |
(4.64) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(6.41) |
(4.64) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(4.79) |
(2.65) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.02) |
(0.01) |
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Debt Equity Ratio (Total Liability/Networth) |
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0.10 |
0.12 |
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Current Ratio (Current Asset/Current Liability) |
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5.13 |
8.79 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
ORIENT MARBLE PRIVATE LIMITED |
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1) Date and description of instrument creating the change |
24.08.2000 Agreement for medium term loan by D G Set. Moveable machinery |
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2) Amount secured by the charge/amount owing on the securities of
charge |
Rs. 0.561 Millions |
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3) Short particular of the property charged. If the property acquired
is subject to charge, date of the acquired of the property should be given |
D. C. Set lying in or about the factory premises in 35-36 RIICD, I.A.
Dhoinda or elsewhere in |
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4) Gist of the terms and conditions and extent and operation of the
charge. |
Loan repayable in quarterly installments of Rs. 0.018 Millions
starting from 24.11.2000 |
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5) Name and Address and description of the person entitled to the
charge. |
The State Bank of |
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6) Date and brief description
of instrument modifying the charge |
Not Available |
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7) Particulars of modifications specifying the terms and conditions or
the extent of operations of the charge in which modification is made and the
details of the modification. |
Not Available |
As per website
details
The
Company, a leading supplier and exporter of Indian Green Marble,
Granite and Sandstone has quality products famous for its beauty, endurance and
texture.
The
Company is the Export
Division of Orient Marble
Pvt Ltd. Orient Marble
Pvt. Ltd came into existence in the year 1986. The Company has One Italian Diamond Gangsaw Machine situated at Kankroli,Rajsamand.
The other concerns are Omega
Marble Pvt. Ltd at Sukher,
The Company inherits the legacy of dedicated efforts, quality products and high priority to customer care and satisfaction.
Quality is not
just their organizational objective, but is a word which brings forth a whole
value system. A value system marked by a continuing quest for excellence in
everything they do. It is a code of conduct which reflects the highest
standards of integrity, a work culture which treats people with respect and
dignity.
Their policy is
to provide products of high and consistent quality to achieve customer
satisfaction through self discipline, dedication and commitment. They follow
rigid quality control procedures, from the quarrying stage to the packing
stage, Moreover; they offer their services of quality control and inspection to
their regular buyers, for goods exported by other factories in
Over the years, the Company has earned a high degree of credibility with its broad
clientele base as the most reliable and consistent supplier of Indian Green
Marble, Granite and Sandstone.
A varied range of
products provide architects & designers a variety of high quality building
stones to work with. With their superior material selection & value
engineering experience, they can furnish quality stone at competitive prices.
They have their own
state of art processing plants for Marble at
Consistent and committed efforts of the company in offering world-class products to meet the most stringent quality standards have earned a lasting reputation as a dependable exporter.
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.40.36 |
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1 |
Rs.82.23 |
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Euro |
1 |
Rs.55.65 |
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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
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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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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
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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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