MIRA
INFORM REPORT
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Report Date : |
31.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
DESAI ELECTRONICS PRIVATE LIMITED |
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Registered Office : |
Gat No. 553, Kondhanpur Road, Khed – Shivapur, Tal Haveli,
Pune – 412 205, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
07.041981 |
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Com. Reg. No.: |
11-24206 |
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CIN No.: [Company
Identification No.] |
U32109MH1981PTC024206 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03642C |
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PAN No.: [Permanent
Account No.] |
AAACD6448G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Electrical Capacitors. |
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 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track. Directors are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Business is active. Payments are reported as 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 : |
Gat No. 553, Kondhanpur Road, Khed – Shivapur, Tal Haveli,
Pune – 412 205, Maharashtra |
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Tel. No.: |
91-20-4384254/257 / 25654553 |
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Fax No.: |
91-20-25654273 |
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E-Mail : |
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Website : |
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Corporate Office : |
12/3, Boatclub Road, River Estate, Pune – 411 001,
Maharashtra, India |
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Tel. No.: |
91-20-26123873 |
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E-Mail : |
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Website : |
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Location : |
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Factory 1 : |
51, Jay Chambers, Ghorpade Peth, Shivaji Road, Swargate, Pune – 411 042, Maharashtra |
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Tel. No.: |
91-20-24472148 |
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Fax No.: |
91-20-24474791 |
DIRECTORS
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Name : |
Mr. Vikram Manubhai Desai |
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Designation : |
Managing Director |
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Address : |
12/3, Boat Club
Road, Pune, - 411001, Maharashtra, India |
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Date of Birth/Age : |
11.08.1947 |
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Date of Appointment : |
07.04.1981 |
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Name : |
Mrs. Smita Vikram Desai |
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Designation : |
Director |
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Address : |
12/3, Boat Club
Road, Pune, - 411001, Maharashtra, India |
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Date of Birth/Age : |
17.10.1951 |
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Date of Appointment : |
20.10.1990 |
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Name : |
Mr. Dhananjay S. Kamlapurkar |
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Designation : |
Director |
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Address : |
44, Shankar Seth
Road, Pune – 411009, Maharashtra, India |
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Date of Birth/Age : |
10.04.1946 |
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Date of Appointment : |
15.04.1962 |
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Name : |
Mr. Surandrasingh P. Suchdeo |
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Designation : |
Director |
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Address : |
40/35, Karve Road,
Pune – 411004, Maharashtra, India |
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Date of Birth/Age : |
23.09.1943 |
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Date of Appointment : |
06.09.1985 |
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Name : |
Mr. Vinayak B. Bapat |
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Designation : |
Director |
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Address : |
1949, Sadashiv Peth,
Madivale Colony, Pune – 411030, Maharashtra, India |
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Date of Birth/Age : |
17.10.1951 |
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Date of Appointment : |
01.11.1991 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr Manubhai
Haribhai Desai |
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600 |
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Mrs Champaben
Manubhai Desai |
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500 |
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Mr Vikram
Manubhai Desai (H) |
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4249 |
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Mr vikram
Manubhai Desai (I) |
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2335 |
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Mrs Smita Vikram
Desai |
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7355 |
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Mr Kirit Manubhai
Desai (H) |
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6000 |
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Mr Kirit Manubhai
Desai (I) |
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750 |
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Ms Kamini Kirit
Desai |
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1750 |
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Mr Mukesh
Manubhai Desai (H) |
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3200 |
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Mr Mukesh
Manubhai Desai (I) |
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3540 |
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Ms Geeta Mukesh
Desai |
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550 |
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Mr Sanjay Mukesh
Desai |
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565 |
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Mr Kunal Vikram
Desai |
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1 |
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Mr Rohan Vikram
Desai |
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50 |
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Mr S V Bapat |
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1 |
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Mr Varindar S
Suchdeo |
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1 |
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Desai Finance
Private Limited |
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13200 |
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Mr Rahul Mukesh
Desai |
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125 |
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Ms Priya Kirit
Desai |
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250 |
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Category of Shareholders |
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Percentage of Holding |
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Bodies corporate |
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12.30 |
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Directors or
relatives of director |
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87.70 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Electrical Capacitors. |
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Products : |
Capacitors |
GENERAL
INFORMATION
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No. of Employees : |
199 |
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Bankers : |
State Bank of India |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
P. D. Kudva and Company Chartered Accountants |
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Address : |
4, Kumar Panaroma, 1st Floor, 45/1B,
Shankarseth Road, Pune – 411037, Maharashtra, India |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125,000 |
Equity Shares |
Rs. 100/- each |
Rs. 12.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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107,306 |
Equity Shares |
Rs. 100/- each |
Rs. 10.731 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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10.730 |
4.500 |
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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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43.608 |
16.220 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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54.338 |
20.720 |
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LOAN FUNDS |
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1] Secured Loans |
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59.364 |
11.468 |
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2] Unsecured Loans |
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13.627 |
22.903 |
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TOTAL BORROWING |
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72.991 |
34.371 |
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DEFERRED TAX LIABILITIES |
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2.720 |
0.412 |
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TOTAL |
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130.049 |
55.503 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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75.134 |
28.126 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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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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30.862 |
19.688 |
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Sundry Debtors |
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34.196 |
21.991 |
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Cash & Bank Balances |
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0.116 |
0.041 |
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Other Current Assets |
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1.898 |
1.756 |
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Loans & Advances |
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16.198 |
8.163 |
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Total
Current Assets |
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83.270 |
51.639 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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23.079 |
20.659 |
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Provisions |
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5.276 |
3.603 |
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Total
Current Liabilities |
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28.355 |
24.262 |
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Net Current Assets |
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54.915 |
27.377 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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130.049 |
55.503 |
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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 |
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114.649 |
55.760 |
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Total Income |
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114.649 |
55.760 |
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Profit/(Loss) After Tax |
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16.836 |
9.808 |
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Expenditures : |
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Interest |
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4.892 |
1.426 |
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Depreciation & Amortization |
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7.171 |
1.870 |
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Other Expenditure |
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85.749 |
42.655 |
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Total Expenditure |
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97.812 |
45.951 |
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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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14.68 |
17.58 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.52 |
1.70 |
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Current Ratio (Current Asset/Current Liability) |
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2.93 |
2.12 |
LOCAL AGENCY
FURTHER INFORMATION
History
Subject was incorporated on 7th April, 1981 at Pune in Maharashtra having Company Registration Number 24206.
The company is amalgamating with “Desai Engineering Private Limited” with effect from 1st April, 2004 for which the necessary resolutions have been passed
It’s products range include :-
- Plastic Film Capacitors
- Automatic Power Factor Improvement
- Panel Metallised Capacitors Films
Subject has been awarded certificate under ISO 9001 on 1st January, 1997 by Bureau of Indian Standards.
The company’s fixed assets of important value includes Land, Building, Factory, Residential Head Office, Plant and Machinery, Tools, Electrical, Computer, Office Equipments, Vehicles, Furniture and Fixtures.
As per website
About The Company
Desai Engineering Private Limited and Desai Electronic Private Limited. Are commit manufacturer of reliable plastic film capacitors and power capacitors requirements of the customers at an internationally competitive price. Since 1981 been producing high quality MPE, MPP, Interference and MKV type at its Shivapur.
DEC has recorded an average growth rate of 10% per year since 1984 it is up from 3 million capacitors per annum to over 30 millions.
Plastic films Capacitors are approved by LCSO, CACT and DOT. The company enjoys a very high market of manufactures in the telecom, fan regulators and energy meters industry.
The strength of the company lies in its satisfied customer base, cost effective management, sound financial position, design and development team. Due to its commitment to total quality, DEC has excellent reputation in the electronic component industry.
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Desai Engineering Private Limited
Office :
870/5 Bhandarkar Institute Road, Pune – 411004
Tel No : 91-20-5654553/54
Fax No. : 91-20-5654273
Email : ipsa-ip@eth.net
Administration : Ext. # 15
Accounts : Ext. # 16
Marketing (DC Capacitors) : Ext. #17
Marketing (AC Capacitors) : Ext. # 18
Purchase : Ext. # 20
Factory :
553, Kondhanpur Road, Khed – Shivapur,
Tal Haveli, Pune – 412 205, Maharashtra
Tel No. : 91-20-4384254/257
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist organization
or whom notice had been received that all financial transactions involving
their assets have been blocked or convicted, found guilty or against whom a
judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling shareholders,
director, officer or employee of the company is a government official or a
family member or close business associate of a Government official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on Corporate
Governance to identify management and governance. These factors often have been
predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.59 |
|
UK Pound |
1 |
Rs.85.53 |
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Euro |
1 |
Rs.58.14 |
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 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
46 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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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