MIRA
INFORM REPORT
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Report Date : |
16.06.2007 |
IDENTIFICATION DETAILS
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Name : |
A R A S APPLIANCES PRIVATE LIMITED |
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Registered Office : |
38, |
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Country : |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
04.06.1992 |
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Com. Reg. No.: |
18-22809 |
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CIN No.: [Company
Identification No.] |
U35999TN1992PTC022809 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MRIA00328G |
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PAN No.: [Permanent
Account No.] |
AABCA2746G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Company is in engaged in Refrigerator, Washing Machines |
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 100000 |
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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 a well-established and reputed marketer of consumer dealers. Available information indicates high financial responsibility of the company. Trade relations are fair. Payments are correct and as per commitments. The company can be considered good for any normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
38, |
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Corporate Office : |
17, |
DIRECTORS
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Name : |
R. Kanagasabai |
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Designation : |
Director |
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Name : |
R. Ratnasabai |
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Designation : |
Director |
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Name : |
K. Suresh |
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Designation : |
Director |
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Name : |
R. Rajan |
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Designation : |
Director |
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Name : |
K Kanagambigai |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
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Designation : |
Company Secretary |
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Address : |
25/1, |
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Tel No.: |
91-44-24832294 |
BUSINESS DETAILS
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Line of Business : |
Company is in engaged in Refrigerator, Washing Machines |
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Products : |
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GENERAL INFORMATION
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Bankers : |
v
UTI Bank Limited, K K Nagar, v Tamilnadu Mercantile Bank v HDFC Bank |
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Facilities : |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Baskaran and Hareendra Associates Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
AR.A.S. Motors Private Limited Distributors of MUV ‘Tavera’ vehicles of General Motors |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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500000 |
Equity Shares |
Rs. 10.00 each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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300000 |
Equity Shares |
Rs. 10.00 each |
Rs. 3.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
No subsequent financials could be
available from any sources.
Mr. Veillumurthy of the company has been requested and if more details
are received, we shall supplement the report.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.000 |
3.000 |
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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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24.730 |
22.381 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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27.730 |
25.381 |
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LOAN FUNDS |
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1] Secured Loans |
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39.791 |
15.308 |
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2] Unsecured Loans |
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9.378 |
7.344 |
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TOTAL BORROWING |
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49.169 |
22.652 |
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DEFERRED TAX LIABILITIES |
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0.312 |
0.373 |
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TOTAL |
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77.211 |
48.406 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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28.987 |
16.861 |
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Capital work-in-progress |
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0.127 |
1.220 |
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INVESTMENT |
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3.800 |
2.800 |
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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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71.739 |
55.002 |
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Sundry Debtors |
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33.563 |
32.850 |
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Cash & Bank Balances |
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2.628 |
6.691 |
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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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16.011 |
14.353 |
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Total
Current Assets |
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123.941 |
108.896 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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79.580 |
82.700 |
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Provisions |
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1.450 |
2.400 |
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Total
Current Liabilities |
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81.030 |
85.100 |
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Net Current Assets |
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42.911 |
23.796 |
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MISCELLANEOUS EXPENSES |
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1.386 |
3.729 |
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TOTAL |
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77.211 |
48.406 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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495.196 |
536.508 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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495.196 |
536.508 |
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Profit/(Loss) Before Tax |
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3.811 |
6.669 |
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Provision for Taxation |
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1.450 |
2.493 |
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Profit/(Loss) After Tax |
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2.361 |
4.175 |
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Total Expenditure |
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491.385 |
529.839 |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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PAT / Total Income |
(%) |
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0.48 |
0.77 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.76 |
1.24 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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2.49 |
5.30 |
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Return on Investment (ROI) (PBT/Networth) |
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0.13 |
0.26 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.69 |
4.25 |
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Current Ratio (Current Asset/Current Liability) |
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1.53 |
1.27 |
LOCAL AGENCY FURTHER INFORMATION
OPERATIONS
The company has achieved a marginal fall in business during the year under review on account of realignment of certain lines and product mixes, extremely stiff competition and a general fall in demand for some white goods. The same has also got reelected as declined in bottom line level. However with fresh reorientation of product mix new dealership on the anvil and dynamic business strategies by the top management the company is set to embark on a fresh growth path in the year to come.
FIXED
ASSETS
Land, Building, Property Timeshare Rights, machinery and equipments, Data Processing Systems, Commercial Vehicles, Furniture and Fixtures
Others
Washing Machines, Water Heaters, Refrigerators, Philips Appliances, Air conditioner, Water Coolers, Water Purifier, Microwave Oven, Canon Products, Stabilizes
Chennai Sony Products
Color Television, Audio, Video, Handy cams, Phones, Batteries, Monitors, Audio CD, VCD, Cassettes, Accessories
Color Television, Audio, Video, Handy cams, Phones
Voltas
Airconditioners (Both Sales and Service)
- ARAS Appliances Ltd, Tel: 5360602
Hamsa
Airconditioners, Tel: 2532649
Whirlpool
- A.R.A.S.
Appliances P. Ltd. (Distributor)
Tel: 5360601, 02, 03
Glad Engineering (Service Only)
Tel: 2537853, 5390853
AR.A.S.
MOTORS PRIVATE LIMITED
Dist of MUV ‘Tavera’ vehicles of General Motors
BOARD OF
DIRECTOR
R. Kanagasabai
R. Ratanasabai
K Suresh
R Rajan
REGISTERED OFFICE
38,
CORPORATE
OFFICE
17,
BANKERS
Canara Bank
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs. 10 each |
Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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430000 |
Equity Shares |
Rs. 10 each |
Rs. 4.300
Millions |
ABRIDGED BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2004 |
31.03.2003 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.300 |
4.300 |
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2] Share Application Money |
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0.645 |
0.645 |
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3] Reserves & Surplus |
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0.458 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
(0.333) |
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NETWORTH
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5.403 |
4.612 |
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LOAN FUNDS |
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1] Secured Loans |
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19.206 |
14.479 |
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2] Unsecured Loans |
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1.084 |
1.648 |
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TOTAL BORROWING
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20.29 |
16.127 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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25.693 |
20.739 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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10.213 |
8.135 |
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Capital work-in-progress
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INVESTMENT
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DEFERREX TAX ASSETS
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0.103 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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8.776 |
5.427 |
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Sundry Debtors
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7.178 |
8.981 |
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Cash & Bank Balances
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2.171 |
0.103 |
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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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3.381 |
4.806 |
Total Current Assets
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21.506 |
19.317 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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6.132 |
6.778 |
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Provisions
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0.060 |
0.030 |
Total Current Liabilities
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6.192 |
6.808 |
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Net Current Assets
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15.314 |
12.509 |
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MISCELLANEOUS EXPENSES
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0.063 |
0.095 |
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TOTAL
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25.693 |
20.739 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
Sales Turnover [including other
income]
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119.471 |
94.631 |
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Profit/(Loss) Before Tax
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0.762 |
0.656 |
Provision for Taxation
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0.060 |
0.030 |
Profit/(Loss) After Tax
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0.702 |
0.626 |
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Total Expenditure
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118.709 |
93.974 |
KEY RATIOS
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
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0.58 |
0.66 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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0.63 |
0.76 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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2.40 |
0.02 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.14 |
0.14 |
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Debt Equity Ratio
(Total Liability/Networth) |
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4.90 |
4.97 |
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Current Ratio
(Current Asset/Current Liability) |
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3.47 |
2.84 |
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 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. 40.97 |
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1 |
Rs. 80.73 |
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Euro |
1 |
Rs. 54.56 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--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 |
NO |
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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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63 |
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 |
|
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 |
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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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