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MIRA
INFORM REPORT
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Report Date : |
26.07.2007 |
IDENTIFICATION DETAILS
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Name : |
C P AQUACULTURE ( |
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Registered Office : |
No. 47/D4, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
18-29251 |
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CIN No.: [Company
Identification No.] |
U05001TN1994PTC029251 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEC01027F |
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PAN No.: [Permanent
Account No.] |
AAACC1316Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject acts as manufacturer,
exporter and importer of prawn feed, processed shrimp and soyabean meal super
grade. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 7500000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company whose entire document file at Registry is lost and took time to obtain financials from various other sources. Still, Registry Records are not available. Trade relations are fair. Payments are correct and as per commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions |
LOCATIONS
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Registered Office : |
No. 47/D4, |
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Tel. No.: |
91-44-24475948 / 24472880 / 24475949 |
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Fax No.: |
91-44-24472880 |
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E-Mail : |
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Website : |
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Area: |
10000 sq. ft.[ Rented] |
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Factory/ Head
Office: |
104, G N T Road,
N.H. 5, Nallur & Vijayanallur Village, Sholavaram Post, Red Hills,
Chennai – 600 067, Tamilnadu, India |
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Tel. No.: |
91-44-26419467 / 65
/ 68 / 69 / 26419545 / 46 / 47 |
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Fax No.: |
91-44-26419544 /
26419466 / 26419550 |
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E-Mail : |
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Website: |
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Area: |
100000 sq. ft. [Owned] |
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Branches: |
Located at |
DIRECTORS
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Name : |
Mr. Dr.
Chingechai Lohawattanakul |
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Designation : |
Director |
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Address : |
No. 313, CP Towers, |
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Date of Birth/Age : |
29.01.1939 |
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Date of Appointment : |
26.02.1995 |
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Name : |
Mr. Pong Visedpaitoon |
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Designation : |
Director |
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Address : |
No. 313, CP Towers, |
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Date of Birth/Age : |
21.10.1945 |
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Date of Appointment : |
23.02.2004 |
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Name : |
Mr. Chaiyaponrn Montha |
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Designation : |
Director |
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Address : |
No. 313, CP Towers, |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Soontornkit Sommas |
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Designation : |
Director |
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Address : |
No. 313, CP Towers, |
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Date of Birth/Age : |
03.02.1950 |
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Date of Appointment : |
22.03.2005 |
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Date of Ceasing : |
10.03.2005 |
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Name : |
Mrs. Benjaparn
Sunghitakul |
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Designation : |
Director |
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Address : |
No. 313, CP Tower, |
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Date of Birth/Age : |
13.02.1951 |
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Date of Appointment : |
12.11.1998 |
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Date of Ceasing : |
22.03.2005 |
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Name : |
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Designation : |
Director |
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Address : |
47/D4, |
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Date of Birth/Age : |
14.12.1963 |
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Date of Appointment : |
10.03.2005 |
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Name : |
Mr. Pairoj Apiruknusit |
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Designation : |
Director |
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Address : |
47/D4, |
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Date of Birth/Age : |
06.08.1966 |
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Date of Appointment : |
07.03.2001 |
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Date of Ceasing : |
10.03.2005 |
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Name : |
Mr. Chaiprem Kwanchai |
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Designation : |
Director |
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Address : |
47/D4, |
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Date of Birth/Age : |
15.03.1965 |
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Date of Appointment : |
23.02.2004 |
KEY EXECUTIVES
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Name : |
Mr. H. Srinivasan |
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Designation : |
Company Secretary |
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Address : |
No. [New] 47/ [Old] 148, Aani Stret, Chinmaya Nagar, Virugambakkam,
Chennai – 600092, |
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Date of Birth/Age : |
05.03.1964 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Charoen Pokphand
Group Company Limited |
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7700000 |
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Charoen Pokphand
Feed Public Company Limited |
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7925000 |
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CT Progressive
Investment Private Limited |
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3125000 |
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P T. Central
Proteina Prima |
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6250000 |
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Total |
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25000000 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject acts as
manufacturer, exporter and importer of prawn feed, processed shrimp and soyabean
meal super grade. |
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Products : |
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Exports : |
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Countries : |
Asia, Middle
East, Europe and |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
D/P, Cash and Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
Shanthi
Fisheries, |
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No. of Employees : |
365 (Group: 1500) |
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Bankers : |
v
Bank
of v
ING
Vysya Bank Limited, Chennai, Tamilnadu v
The Vysys
Bank Limited, 185, Anna Salai, Chennai – 600006, v
Seylan
Bank, Srilanka |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Kurien and Company Chartered Accountants |
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Address : |
1C, |
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Tel. No.: |
91-44-28554447 /
28554019 |
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Associates/Subsidiaries : |
♦
Charoen
Pokphand ( ♦
Charoen
Pokphand Fee Mill Company Limited ♦
P T ♦
Charoen
Pokphand Engineering Company Limited ♦
Charoen
Pokphand Industry Company Limited ♦
Aquaculture
Promotion Company Limited ♦
C P
Intertrade Company Limited ♦
Charoen
Pokphand Group Company Limited |
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Group Companies: |
Charoen Pokphand India Private Limited, Chennai |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.250.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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25,000,000 |
Equity Shares |
Rs. 10/- each |
Rs.250.000 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 |
250.000 |
250.000 |
250.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1638.532 |
1426.719 |
1163.123 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1888.532 |
1676.719 |
1413.123 |
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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 |
42.259 |
61.030 |
70.251 |
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TOTAL |
1930.791 |
1737.749 |
1483.374 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
653.219 |
573.545 |
557.329 |
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Capital work-in-progress |
140.828 |
142.038 |
18.101 |
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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 |
594.640
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844.173 |
484.579 |
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Sundry Debtors |
111.399
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120.804 |
120.830 |
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Cash & Bank Balances |
651.386
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311.070 |
321.859 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
65.470
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31.787 |
142.281 |
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Total
Current Assets |
1422.895
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1307.834 |
1069.549 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
243.554
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186.695 |
110.905 |
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Provisions |
42.597
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99.345 |
51.444 |
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Total
Current Liabilities |
286.151
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286.040 |
162.349 |
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Net Current Assets |
1136.744
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1021.794 |
907.200
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MISCELLANEOUS EXPENSES |
0.000 |
0.372 |
0.744 |
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TOTAL |
1930.791 |
1737.749 |
1483.374 |
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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 |
3271.124 |
3457.319 |
3235.856 |
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Profit/(Loss) Before Tax |
321.097 |
521.509 |
664.155 |
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Provision for Taxation |
109.283 |
257.914 |
236.848 |
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Profit/(Loss) After Tax |
211.814 |
263.595 |
427.307 |
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Earnings in Foreign Currency : |
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Total Earnings |
43.751 |
20.003 |
21.478 |
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Imports : |
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Total Imports |
76.503 |
1185.536 |
1122.488 |
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Expenditure: |
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Total Expenditure |
2950.027 |
2935.810 |
NA |
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 |
(%) |
6.47
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7.62 |
13.21
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Net Profit Margin (PBT/Sales) |
(%) |
9.81
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15.08 |
20.52
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Return on Total Assets (PBT/Total Assets} |
(%) |
15.46
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27.71 |
40.37
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.31 |
0.47
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Debt Equity Ratio (Total Liability/Networth) |
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0.15
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0.17 |
0.11
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Current Ratio (Current Asset/Current Liability) |
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4.97
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4.57 |
6.59
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LOCAL AGENCY FURTHER INFORMATION
The Company name
changed to Public Limited (I.E. The Word “Private” Deleted) from 01.07.1998
Again Re-Converted
to Private Limited (I.E. The Word “Private” Re- Inserted) from 13.09.2001
HISTORY
Subject was incorporated
on 17th November, 1994 at Chennai in Tamilnadu as a private limited
liability company having Company Registration Number 29251.
In the year 1994,
the C P Group obtained the approval of the Foreign Investment Promotion Board,
Ministry of Industry, Government of India for setting up Aqua Feed and Shrimp
Processing Plants across the country and for making a foreign investment in
The company has
changed its constitution from private to limited with effect from 1st
July, 1998.
Again, with effect
from 13th September, 2001 the company was reconstituted as a Private
Limited Liability Company.
BUSINESS
Subject acts as
manufacturer, exporter and importer of prawn feed, processed shrimp and
soyabean meal super grade.
The company has
established Aqua Feed Mill at Red Hills, Chennai with capacity of 60000 tones
of Aqua Feed Per Annum and the plant commenced commercial operations during the
year 1995.
The shrimp
Processing Plant at
Hatchries
Mr Arthichai / Mrs.
Laddawan
ASVINI HATCHERY
S. No. 387 &
388,
Tel. No.
91-861-387469 / 70
Cell. No.
09849048913
Mr. Saroj / Mr. Banjong
INDO-SHRIMP HATCHEY
(PONDI)
Vital
Mr. Swang
S No. 73,
Konapapapeta, East Godavari District,
Tel. No.
91-8869-53203 & 53210
Cell. No. 09848167691
It exports shrimps,
shrimp feed and soya bean meal.
It imports raw
materials and aquatic products
Bankers Charges
Report as per Registry
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Name of the company |
C P AQUACULTURE ( |
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Presented By |
Mr. H. Srinivasan, Company Secretary |
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1) Date and description of instrument creating the change |
17.07.2002 Agreement for Hypothecation |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 200.000
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 |
Borrowers present
and future current assets, like book debts, outstanding moneys, receivables,
bills, contracts and engagements. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Paripassu first
charge in favour of the Bank along with Bank of America, Chennai Interest rate at
the rate of PLR + 2 % Loan amount is
Rs. 200.000 Millions |
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5) Name and Address and description of the person entitled to the charge. |
The Vysys Bank
Limited, 185, Anna Salai, Chennai – 600006, |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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 Applicable |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.30 |
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|
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.55.64 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
9 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
62 |
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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