MIRA
INFORM REPORT
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Report Date : |
12.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SUPREME NON WOVENS PRIVATE LIMITED |
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Registered Office : |
Centre Point, 7th Floor |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
05.09.1981 |
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Com. Reg. No.: |
025149 |
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CIN No.: [Company
Identification No.] |
U5190MH1981PTC025149 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS38033C |
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PAN No.: [Permanent
Account No.] |
AAACS5921R |
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Legal Form : |
Private Limited Liability company |
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Line of Business : |
Manufacturing of Non-Woven Fabrics for use in Automobile, Pollution Control, Garment and Shoe Industry. |
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 900000 |
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Status : |
Satisfactroy |
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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 : |
Centre Point, 7th Floor |
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Tel. No.: |
91-22-25284519/ 25284520 |
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Fax No.: |
91-22-25281992 |
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Website : |
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Factory 1 : |
· National Highway No. 8, Bhilad – 396 105, District Bulsar, ·
92/93, Next to |
DIRECTORS
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Name : |
Mr. Mohan Mahadev Kavrie |
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Designation : |
Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur, Mumbai; 400071 |
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Date of Birth/Age : |
24.01.1948 |
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Date of Appointment : |
01.09.1986 |
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Name : |
Mr. Amit Mohan Kavrie |
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Designation : |
Director |
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Address : |
E/25, Matru Krupa, Everest Colony, Chembur, Mumbai; 400071 |
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Date of Birth/Age : |
21.08.1977 |
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Date of Appointment : |
31.12.2003 |
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Name : |
Mr. Esmail Ebrahim Dhariwal |
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Designation : |
Director |
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Address : |
37, |
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Date of Birth/Age : |
22.11.1941 |
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Date of Appointment : |
01.09.1986 |
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Name : |
Mr. Badruddin Ebrahim dhariwal |
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Designation : |
Director |
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Address : |
15, Jhamb House, |
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Date of Birth/Age : |
15.02.1944 |
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Date of Appointment : |
03.08.1996 |
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Name : |
Mr. Mohsin Ebrahim Dhariwal |
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Designation : |
Director |
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Address : |
15, Jhamb House, |
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Date of Birth/Age : |
03.07.1949 |
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Date of Appointment : |
01.09.1986 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mohan Mahadev Kavrie |
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6500 |
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Jaya Mohan Kavrie |
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1000 |
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Leela Mahadev Naik |
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1000 |
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Naik Santanna Mahadev |
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1500 |
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Amit Mohan Kavrie |
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2500 |
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Smita Mohan Kavrie |
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2500 |
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Bhilad Textile Industrial Private Limited |
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9166 |
BUSINESS DETAILS
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Line of Business : |
Manufacturing of Non-Woven Fabrics for use in Automobile, Pollution Control, Garment and Shoe Industry. |
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Products : |
· Needle Loom Felts · Carpets and other Textile Floor Coverings of Felt · Head Roof Liners |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Nonwoven Fabrics |
Mtrs. |
0.000 |
0.15 per day |
0.000 |
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Head Roof-Liners |
Nos. |
0.000 |
0.02 per day |
0.000 |
GENERAL INFORMATION
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No. of Employees : |
About 200 |
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Bankers : |
· The Saraswat Co-operative Bank Limited Mumbai – 400 007, · The Shamrao Vithal Co-operative Bank Limited |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sohan S. Jain and Company Chartered Accountant |
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Address : |
310, Varma Chambers, |
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Tel No: |
91-22-22060788/22019270 |
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Fax No: |
91-22-22091374 |
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E-Mail: |
maheshsoni@vsnl.net |
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Associates: |
· Bhilad Textile Industries Private Limited · Dhariwal Nonwovens |
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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24166 |
Equity Shares |
Rs.100/-
each |
Rs.2.416
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 |
2.417 |
2.416 |
2.417 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
224.092 |
167.148 |
135.120 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
226.509 |
169.564 |
137.537 |
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LOAN FUNDS |
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1] Secured Loans |
361.810 |
181.837 |
108.424 |
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2] Unsecured Loans |
41.049 |
43.598 |
33.091 |
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TOTAL BORROWING |
402.859 |
225.435 |
141.515 |
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DEFERRED TAX LIABILITIES |
27.661 |
40.878 |
18.762 |
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TOTAL |
657.029 |
435.877 |
297.814 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
354.613 |
205.019 |
112.303 |
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Capital work-in-progress |
51.300 |
2.644 |
2.015 |
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INVESTMENT |
128.520 |
128.470 |
111.221 |
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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 |
74.897
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43.497 |
33.029 |
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Sundry Debtors |
82.676
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51.073 |
38.355 |
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Cash & Bank Balances |
8.916
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6.113 |
4.945 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
57.218
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56.255 |
38.249 |
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Total
Current Assets |
223.707
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156.938 |
114.578 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
87.611
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47.994 |
42.303 |
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Provisions |
13.500
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9.200 |
-- |
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Total
Current Liabilities |
101.111
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57.194 |
42.303 |
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Net Current Assets |
122.596
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99.744 |
72.275 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
657.029 |
435.877 |
297.814 |
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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 |
458.527 |
280.524 |
216.731 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
458.527 |
280.524 |
216.731 |
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Profit/(Loss) Before Tax |
-- |
-- |
28.999 |
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Provision for Taxation |
-- |
-- |
11.371 |
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Profit/(Loss) After Tax |
65.078 |
52.389 |
17.628 |
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Dividend |
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48.332 |
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Imports : |
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Capital Goods |
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24.454 |
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Total Imports |
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24.454 |
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Expenditures : |
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Raw Materials |
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124.866 |
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Excise Duty |
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0.000 |
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Employee
Cost
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14.282 |
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Operating
& Other Expenses
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32.099 |
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Interest
& Financial charges
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36.549 |
16.771 |
10.389 |
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Depreciation
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18.710 |
7.390 |
6.097 |
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Other
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338.189 |
203.973 |
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Total Expenditure |
393.448 |
228.134 |
187.733 |
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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 |
(%) |
14.19
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18.68 |
8.13 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.19
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18.68 |
13.38 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
8.58
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10.63 |
12.78 |
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Return on Investment (ROI) (PBT/Networth) |
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0.29
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0.31 |
0.21 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.22
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1.66 |
1.33 |
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Current Ratio (Current Asset/Current Liability) |
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2.21
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2.74 |
2.70 |
LOCAL AGENCY FURTHER INFORMATION
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Name of the company |
Supreme NonWoven
Private Limited |
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Presented By |
The Saraswat Co-operative
Bank Limited CST Branch Mumbai |
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1) Date and description of instrument creating the change |
Agreement of Hypothecatin of movable property dated |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.2.500 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 |
Hypothecation of
all the stocks tangible movable property (both present and future) belonging
to the borrower and lying and being at the Borrowers place of Business or
wherever else the same may be kept Hypothecation of
all book debt, Outstanding, monies receivable, claims bills |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Rate of Interest:
2% over presnt rate i.e; @13% or such Percentage as the Bank may from time to
time fix. This is adhoc
cash credit facility for 3 months |
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5) Name and Address and description of the person entitled to the charge. |
The Saraswat
Co-operative Bank Limited CST Branch, A K Naik Marg, C.S.T Mumbai 400
001 |
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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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This form is for |
Creation of
Charge |
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Charge
identification number of the charge to be modified |
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Corporate identity
number of the company |
U51900MH1981PTC025149 |
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Name of the
company |
SUPREME
NIONWOVENS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
Centre Point 7th
floor |
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Type of charge |
Immovable
Property |
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Particular of
charge holder |
The Shamrao
vithal Co-op Bankn Limited D.K. Sandhu Marg,
Chembur (East), Mumbai;400071, |
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Nature of description
of the instrument creating or modifying the charge |
No instrument was
executed however the equitable has been created by way of deposit of title
deeds |
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Date of
instrument Creating the charge |
24.02.2007 |
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Amount secured by
the charge |
Rs.21.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest: As may decided,
from time to time by the Bank. Terms of
repayment As may decided,
from time to time by the Bank. Margin: As may decided,
from time to time by the Bank. Extent and
operation of the Charge: To secure the due
repayment of various credit facilities o Rs. 21.000 Millions together with
all interest, costs, charges and expenses thereon, granted by the Bank to the
Company. Others: -- |
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Short particulars
of the property charged |
All that the
immovable property belonging to the Company as per the Annexure attached
herewith |
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Date of latest
modification prior to the present modification |
-- |
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Particulars of
the present modification |
-- |
Fixed Assets:
Land
Buildings
Residential Premises
Plant and machinery
Electrical Installation
Office Equipments
Computer
Furniture and Fixture
Vehicles
Technical know-how
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.40.91 |
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1 |
Rs.80.46 |
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Euro |
1 |
Rs.54.60 |
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 |
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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53 |
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 |
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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 |
|
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 |
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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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