MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SALICYLATES AND
CHEMICALS PRIVATE LIMITED |
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Registered Office : |
12, Jeera,
Secunderabad, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
06.02.1978 |
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Com. Reg. No.: |
01-2255 |
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CIN No.: [Company
Identification No.] |
U24110AP1978PTC002255 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS01796E |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Chemicals |
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 80000 |
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Status : |
Good |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Trade relations are fair.
General financial position is satisfactory. Payments are usually 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 : |
12, Jeera,
Secunderabad, |
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Tel. No.: |
91-40-27562265/ 27171249
/ 27174691 |
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Fax No.: |
91-40-27171249 |
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E-Mail : |
salicylates@sify.com, salicylates@vsnl.net, salipl@satyam.net.in |
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Website : |
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Area : |
1800 Sq.ft. |
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Location : |
Owned
(Commercial) |
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Factory 1 : |
A-25, Road No. 18, Nacharam Industrial Area,
Hyderabad-500076, |
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Branches : |
5/44, Tardeo, Airconditioned Market, Tardeo,
Mumbai-400034, |
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Tel. No.: |
91-22-23514413/
23513868 |
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Fax No.: |
91-22-23516076 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Dinesh D.
Sarvaiya |
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Designation : |
Managing Director |
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Address : |
12, Jeera,
Secunderabad - 500003, |
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Date of Birth/Age : |
25.06.1932 |
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Date of Appointment : |
08.09.1982 |
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Name : |
Mr. M. Mohana
Narayanan |
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Designation : |
Director |
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Address : |
27/23-1, L. B.
Nagar, R K Puram P.O., Secunderabad, Andhra Pradesh-500056, |
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Date of Birth/Age : |
01.12.1956 |
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Date of Appointment : |
02.03.1998 |
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Name : |
Mr. Madhukar S.
Kulkarni |
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Designation : |
Director |
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Address : |
3-4-835/1, Flat
No. 403, Moghul Millenium Apartments, Barkatpurh, |
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Date of Birth/Age : |
26.05.1951 |
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Date of Appointment : |
02.03.1998 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mrs. Arti S.
Sarvaiya |
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Designation : |
Director |
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Address : |
42, Amoolya, 195,
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Date of Birth/Age : |
11.02.1962 |
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Date of Appointment : |
17.08.1998 |
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Date of Ceasing : |
30.09.2004 |
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Name : |
Mr. Budhiraju
Nagabhushana Rao |
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Designation : |
Director |
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Address : |
Plot No. 13, Gouthami
Nagar, Vanasthalipuram, |
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Tel. No.: |
91-40-24022045 |
MAJOR SHAREHOLDERS
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Names of Shareholders |
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No. of Shares |
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Mr. Manish Kumar
Kale |
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140 |
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Mr. Kamal Kumar Khatri |
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100 |
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Mr. Dineshchandra
D. Sarvaiya |
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21780 |
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Ms. Kanakalata D.
Sarvaiya |
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14465 |
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Mr. Samir D.
Sarvaiya |
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1450 |
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Ms. Neeta D.
Sarvaiya |
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840 |
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Ms. Arti S.
Sarvaiya |
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3400 |
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Ms. Medha D.
Sarvaiya |
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290 |
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Mr. Ketan D. Sarvaiya |
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355 |
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Ms. Falguni K.
Sarvaiya |
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5000 |
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Mr. Jai S.
Sarvaiya |
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1080 |
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Mr. Meet K.
Sarvaiya |
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200 |
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Mr. Samir D.
Sarvaiya and Ms. Arti S. Sarvaiya |
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200 |
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Ms. Krishna |
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380 |
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Ms. Jash K. Sarvaiya
and Mr. Meet K. Sarvaiya |
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750 |
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Mr. Jash K.
Sarvaiya |
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1000 |
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Ms. Arti S.
Sarvaiya and Mr. Samir D. Sarvaiya |
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200 |
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Mr. Ketan D.
Sarvaiya and Ms. Falguni K. Sarvaiya |
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270 |
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Ms. Falguni K.
Sarvaiya and Mr. Ketan D. Sarvaiya |
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200 |
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Mr. Jai S.
Sarvaiya and Ms. Krishna |
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900 |
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Mr. Meet K.
Sarvaiya and Jash K. Sarvaiya |
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100 |
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Mr. Dineshchandra
D. Sarvaiya (HUF) |
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3700 |
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Mr. Ketan D.
Sarvaiya (HUF) |
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100 |
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Mr. Samir D.
Sarvaiya (HUF) |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Chemicals |
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Products : |
Ř Sodium Methyl Paraben Ř Methyl Paraben Ř Butyl Paraben Ř Salisept Ř Iodopropynyl Butylcarbamate Ř Propyl Paraben Ř Sodium Propyl Paraben Ř Phenochem Ř Bronopol Ř Dichlorobenzyl Alcohol (DCBA) |
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Exports : |
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Countries : |
USA, Europe , Latin America, Iran , Malaysia , Philippines , Mexico , New Zealand, China, Russia, etc. |
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Terms : |
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Selling : |
Contract (30 days) or Cash terms |
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Purchasing : |
Contract (30 days), Cash or L/C terms |
GENERAL INFORMATION
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Customers : |
Manufacturer, Wholesalers and Retailers |
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No. of Employees : |
40 |
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Bankers : |
State Bank of |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
CKS Associates Chartered Accountants |
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Address : |
87, Nagarjuna, Road No. 3, Gagan Mahal Colony, |
CAPITAL STRUCTURE
AS ON 30.09.2006
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.100/- each |
Rs. 15.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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90000 |
Equity Shares |
Rs.100/- each |
Rs. 9.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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9.000 |
9.000 |
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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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11.413 |
7.948 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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20.413 |
16.948 |
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LOAN FUNDS |
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1] Secured Loans |
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37.820 |
34.274 |
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2] Unsecured Loans |
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3.070 |
1.338 |
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TOTAL BORROWING |
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40.890 |
35.612 |
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DEFERRED TAX LIABILITIES |
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2.148 |
2.253 |
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TOTAL |
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63.451 |
54.813 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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25.006 |
25.446 |
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Capital work-in-progress |
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0.166 |
0.298 |
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INVESTMENT |
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0.100 |
0.100 |
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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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18.417 |
15.762 |
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Sundry Debtors |
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60.446 |
27.592 |
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Cash & Bank Balances |
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3.982 |
2.799 |
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Other Current Assets |
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3.994 |
0.963 |
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Loans & Advances |
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5.012 |
7.537 |
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Total Current Assets |
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91.851 |
54.653 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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51.477 |
25.218 |
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Provisions |
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2.195 |
0.466 |
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Total Current Liabilities |
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53.672 |
25.684 |
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Net Current Assets |
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38.179 |
28.969 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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63.451 |
54.813 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover [including other income] |
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203.635 |
111.117 |
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Profit/(Loss)
Before Tax |
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N.A. |
N.A. |
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Provision for
Taxation |
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N.A. |
N.A. |
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Profit/(Loss)
After Tax |
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6.076 |
4.384 |
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Total Expenditure |
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197.559 |
106.794 |
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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2.98 |
3.94 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.63 |
3.61 |
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Current Ratio (Current Asset/Current Liability) |
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1.71 |
2.12 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
Salicylates and Chemicals were incorporated on 1978, with the object
of manufacturing organic chemicals, pharmaceuticals products. In the year 1982,
the Sarvaiya family i.e. existing management took over the company. Initially,
the company was manufacturing salicylic acid. In the due course of time the
management changed the product mix and started the manufacturing of Para
Hydroxy Benzoic Acid [PHBA]. In 1985, the management decided to
manufacture parabens because of inhouse PHBA, which is the basic raw
material.
In the year 1985
the company started the production of Parabens. The manufacturing facilities
have been constantly upgraded over the years to meet the market and the
environmental requirements. Parabens were produce to cater to the domestic
market. Subsequently the production was increased and they started entering the
International Business.
Today, they have
the complete range of preservative and sunscreen chemicals for cosmetics and
pharmaceutical industry. With constant improvement in the manufacturing
and meeting different customers globally, they are manufacturing wide range of
preservatives for different applications in cosmetic industry like baby
products, wipes, shampoos, creams, lotions, lipsticks, body
wash etc., and cough syrups, ointments, tablets for pharmaceuticals
applications.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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
|
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 |
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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 |
|
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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