MIRA
INFORM REPORT
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Report Date : |
11.06.2007 |
IDENTIFICATION DETAILS
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Name : |
CUSTOM CAPSULES PRIVATE LIMITED |
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Registered Office : |
1001, Dalamal House, 10th Floor, Nariman Point,
Mumbai – 400 021, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
23.09.1988 |
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Com. Reg. No.: |
11-48924 |
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CIN No.: [Company
Identification No.] |
U24235MH1988PTC048924 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMC10955A |
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PAN No.: [Permanent
Account No.] |
AAACC6203G |
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Legal Form : |
Private Limited Liability company. |
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Line of Business : |
Manufacturing and sale of Empty Hard Gellatine Capsules |
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 570000 |
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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 part of Associates Capsules Group, a well-known pharmaceutical machinery manufacturers. The company is controlled, financed and managed by Singh family who are resourceful, experienced and respectable industrialists. Financial position of the company is satisfactory. 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 : |
1001 Dalamal House 10th Floor Nariman Point, Mumbai;400021,
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Tel. No.: |
91-22-2287257/ 22831441 / 2831480 / 2832322 |
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Mobile No.: |
91-22-22872560/ 22873288 |
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Area : |
8,500 sq. fts. |
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Location : |
Owned |
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Head Office / Factory: |
B-8 / 1, MIDC Industrial Estate, Camlin Naka, Boisar,
Tarapur, Dist. Thane – 401 506, |
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Tel. No.: |
91-2537-223538 |
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Area : |
10,000 sq. fts. |
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Location : |
Owned |
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Corporate Office : |
131, Kandivli Industrial Estate, Kandivli (West), Mumbai –
400 067, |
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Tel. No.: |
91-22-28682010 (9 lines) |
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Fax No.: |
91-22-28686152 |
DIRECTORS
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Name : |
Mr. Jasjit Daljit Singh |
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Designation : |
Director |
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Address : |
2-B Swapnalok L.L. Marg, |
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Date of Birth/Age : |
03.04.1943 |
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Date of Appointment : |
23.09.1988 |
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Name : |
Mr. Ajit Daljit Singh |
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Designation : |
Director |
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Address : |
1A Brighten |
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Date of Birth/Age : |
20.11.1941 |
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Date of Appointment : |
23.09.1988 |
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Name : |
Mr. Tahil Vikram Raj |
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Designation : |
Director |
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Address : |
333, |
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Date of Birth/Age : |
07.12.1959 |
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Date of Appointment : |
12.11.2002 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Ajit Daljit Singh |
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9040 |
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Jasjit Daljit Singh |
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5620 |
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Raj Vikram Tahil |
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49000 |
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Nandini Jasjit Singh |
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5660 |
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Karan Jasjit Singh |
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5660 |
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Priya Jasjit Singh |
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5660 |
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Jasit Daljit Singh |
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4700 |
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Jasjit Singh Karta of Jasjit Singh (HUF) |
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4000 |
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Ajit Singh |
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5400 |
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Ajit Singh Karta of sardar Daljit Singh |
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2000 |
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Jasjit Singh |
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2660 |
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Jasjit Singh |
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600 |
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing and sale of Empty Hard Gellatine Capsules |
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Products : |
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Brand Names : |
“CA” |
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Imports from : |
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Terms : |
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Selling : |
Cash or Contract (30 days) |
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Purchasing : |
Contact (30 days), L/C or Cash |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed Capacity |
Installed Capacity |
Actual Production |
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Two piece empty gelatine capsules |
Qty in 000’s |
Not Applicable |
30000 |
15895 |
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Pharmaceutical and allied machineries |
Qty in Nos. |
Not Applicable |
Not available |
1174 |
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HPMC Capsules |
Qty in Nos. |
Not Applicable |
Not available |
40800 |
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GENERAL INFORMATION
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Suppliers : |
˜ Pam Pharmaceutical & Allied Machinery Private Limited ˜
Aries Components (Private) Limited, |
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Customers : |
Manufactures, Wholesalers and Retailers ˜
Ranbaxy Limited, ˜
IPCA Laboratories Limited, ˜
Lupin Laboratories Limited, ˜
Sarabhai Group, ˜ Associated Capsules Private Limited ˜ Torpac Limited ˜ Sci- Tech Centre ˜ Pam Pharmaceutical and Allied Machinery Private Limited ˜ Ajas Components Private Limited |
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No. of Employees : |
27 |
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Bankers : |
˜
State Bank of Industrial Estate Branch,
Kandivli (West), Mumbai – 400 067, ˜ Standard Chartered Bank Limited ˜ HDFC Bank Limited |
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Facilities : |
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Banking Relations
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Satisfactory |
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Auditors : |
S. J. Thadani & Associates Chartered Accountants 2/50, Shree Ganesh Society, Opp Garware Synthetics, Dr. A. B. Road, Worli, Mumbai – 400 021 |
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Tel. No.: |
91-22-24948413 / 24926229 |
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Associates/Subsidiaries : |
˜ Associated Capsules Limited ˜ Pam Pharmaceuticals & Allied Machinery Private Limited ˜ Ajas Components (Private) Limited ˜ Universal Capsules (Private) Limited ˜ Kandivli Finance Company Limited ˜ SCI-Tech Centre ˜ Rajasthan Capsules Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 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 |
10.000 |
10.000 |
10.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
134.257 |
118.298 |
105.453 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
144.257 |
128.298 |
115.453 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.064 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.064 |
0.000 |
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DEFERRED TAX LIABILITIES |
2.589 |
2.143 |
1.681 |
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TOTAL |
146.846 |
130.505 |
117.134 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
53.177 |
53.729 |
43.876 |
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Capital work-in-progress |
0.788 |
2.692 |
4.844 |
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INVESTMENT |
12.738 |
0.077 |
0.307 |
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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 |
17.820
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22.889
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15.855 |
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Sundry Debtors |
9.561
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8.397
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10.356 |
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Cash & Bank Balances |
4.999
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5.531
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4.009 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
57.720
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46.273
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51.593 |
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Total
Current Assets |
90.100
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83.090
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81.813 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
8.883
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8.304
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7.541 |
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Provisions |
1.074
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0.779
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6.165 |
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Total
Current Liabilities |
9.957
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9.083 |
13.706 |
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Net Current Assets |
80.143
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74.007
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68.107 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
146.846 |
130.505 |
117.134 |
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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 |
94.925 |
74.194 |
83.988 |
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Other Income |
0.000 |
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Total Income |
94.925 |
74.194 |
83.988 |
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Profit for the year |
27.208 |
20.081 |
17.112 |
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Earnings in Foreign Currency : |
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Other Earnings |
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66.731 |
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Total Earnings |
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66.731 |
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Imports : |
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Others |
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7.940 |
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Total Imports |
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7.940 |
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Expenditures : |
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Depreciation |
3.993 |
4.625 |
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Other Expenditure |
63.723 |
49.487 |
59.587 |
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Total Expenditure |
67.716 |
54.112 |
59.587 |
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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 |
(%) |
28.66
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27.06
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20.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
28.66
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27.06
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29.05 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
17.35
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14.39
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19.41 |
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Return on Investment (ROI) (PBT/Networth) |
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0.19
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0.16
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0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.06
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0.07
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0.12 |
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Current Ratio (Current Asset/Current Liability) |
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9.048
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9.14
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5.97 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
CUSTOMN CAPSULES
PRIVATE LIMITED |
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Presented By |
Shri Jasjit Singh |
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1) Date and description of instrument creating the change |
Mortgage has been created by deposit of Title documents on 22.02.1994
Being an oral mortgage, no instruments in writing has been executed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.1.800 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 |
Flat Nos. 1 to
12, in Building No.4, located at Swami Vivekanand Nagar, |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Housing
Development Finance Corporation 169, Backbay
Reclamation , |
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6) Date and brief description of instrument modifying the charge |
-- |
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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. |
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The company’s fixed assets of important value include land, factory & residential building, plant & machinery, furniture, fixtures & office equipments and vehicles.
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.40.98 |
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1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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
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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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