MIRA
INFORM REPORT
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Report Date : |
28.05.2007 |
IDENTIFICATION DETAILS
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Name : |
CRADLE RUNWAYS [ |
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Registered Office : |
G-119, 120, Ansa Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.02.2004 |
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Com. Reg. No.: |
11-144435 |
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CIN No.: [Company
Identification No.] |
U26933MH2004PTC144435 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Subject is an engineering company providing
solutions for accessing all kinds of facades. |
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 27000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory
track records. Directors are reported as experienced 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 : |
G-119, 120, Ansa Industrial Estate, |
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Tel. No.: |
91-22-28474633 / 2857/9631 /
28574956 / 1519 / 24464633 |
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Fax No.: |
91-22-28472518 |
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E-Mail : |
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Website : |
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Factory 1 : |
G-107, Ansa Industrial Estate, |
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Tel. No.: |
91-22-2847 4633, 2847 2857,
2847 9631 |
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E-Mail : |
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South Regional Office: |
# 4154, 14th Main, HAL 2nd Stage,
Indiranagar, |
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Tel. No.: |
91-80-2520 2913 |
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E-Mail : |
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Branches : |
Located At : Ø Ø
Ø
Chennai Ø Ø Pune Ø
North Ø
Kolkatta |
DIRECTORS
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Name : |
Mr. Ashok D. Khemlani |
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Designation : |
Managing Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
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Date of Birth/Age : |
07.01.1945 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mrs. Bindya Khemlani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
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Date of Birth/Age : |
05.10.1949 |
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Date of Appointment : |
10.02.2004 |
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Name : |
Mr. Tarun Ashok Khemlani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
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Date of Birth/Age : |
22.05.1975 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Pavan Suhag Idnani |
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Designation : |
Director |
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Address : |
51 – B, Queens Apartment, Pali Hill, Bandra [West], Mumbai – 400050, |
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Date of Birth/Age : |
19.06.1977 |
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Date of Appointment : |
28.04.2004 |
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Name : |
Mr. Dinesh Tuli |
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Designation : |
Director |
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Address : |
13, Suryakiran CHSL, Plot No. 194, Sector No. 6, Charkop, Kandivali
[West], Mumbai – 400067, |
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Date of Birth/Age : |
15.08.1957 |
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Date of Appointment : |
28.04.2004 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Ashok D. Khemlani |
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25000 |
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Bindya Khemlani |
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25000 |
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Total |
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50000 |
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Category |
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Percentage of
Holding |
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Directors or relative of directors |
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100.00 % |
BUSINESS DETAILS
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Line of Business : |
Subject is an engineering company providing solutions
for accessing all kinds of facades. |
GENERAL INFORMATION
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Bankers : |
Not Available |
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Facilities : |
-- |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
James Shah and Company Chartered Accountants |
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Address : |
230/231, Majestic Shopping Centre, 2nd Floor, 144, |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Shares |
Rs. 100/- each |
Rs. 5.000 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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5.000 |
5.000 |
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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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1.877 |
0.463 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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6.877 |
5.463 |
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LOAN FUNDS |
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1] Secured Loans |
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0.746 |
1.142 |
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2] Unsecured Loans |
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0.000 |
1.000 |
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TOTAL BORROWING |
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0.746 |
2.142 |
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DEFERRED TAX LIABILITIES |
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0.040 |
0.054 |
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TOTAL |
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7.663 |
7.659 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.911 |
1.756 |
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Capital work-in-progress |
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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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11.379 |
3.788 |
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Sundry Debtors |
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20.510 |
2.379 |
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Cash & Bank Balances |
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1.698 |
2.820 |
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Other Current Assets |
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0.102 |
0.000 |
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Loans & Advances |
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2.879 |
5.138 |
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Total
Current Assets |
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36.568 |
14.125 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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31.583 |
8.337 |
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Provisions |
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0.335 |
0.000 |
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Total
Current Liabilities |
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31.918 |
8.337 |
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Net Current Assets |
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4.650 |
5.788 |
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MISCELLANEOUS EXPENSES |
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0.102 |
0.115 |
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TOTAL |
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7.663 |
7.659 |
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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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32.200 |
10.153 |
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Other Income |
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Total Income |
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32.200 |
10.153 |
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Profit/(Loss) Before Tax |
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1.593 |
0.517 |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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1.593 |
0.517 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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30.607 |
9.636 |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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Managerial Remuneration |
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Payment to Auditors |
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Insurance Expenses |
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Interest |
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0.051 |
0.011 |
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Depreciation & Amortization |
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0.642 |
0.120 |
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Total Expenditure |
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31.300 |
9.767s |
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KEY
RATIOS
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PARTICULARS |
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31.03.2006
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31.03.2005 |
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PAT / Total Income |
(%) |
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4.94 |
5.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.94 |
5.09 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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4.03 |
3.25 |
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Return on Investment (ROI) (PBT/Networth) |
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0.23 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.75 |
1.92 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
1.69 |
LOCAL AGENCY FURTHER INFORMATION
The Registered Office of the company has been shifted from 17/A, Hind
Service industrial Estate, 2nd Floor, off
AS PER WEBSITE
Founded by Mr. Ashok Khemlani in 1993, Cleanindia Group is
The Group, with its head office in Mumbai, is a joint
venture with the OCS Limited,
Over the last decade they have developed a reputation, as a
provider of comprehensive and professional service, with a strong emphasis on
quality and safety. This reputation has allowed they to expand their operations
to fifteen cities all over the country and have recently added
Cradle Runways (I) Private Limited is an
engineering company providing solutions for accessing all kinds of facades.
With over 250 systems in operation all over the country, the company has a
sterling reputation for quality and safety. The advantages of CRI are the
complete range of products offered from davits, to building maintenance units
to aerial work platforms and their focus on practical, reasonable and safe
solutions.
CRI has to credit many prestigious sites including, ITPL
(Bangalore), Shreepati Arcade (India’s tallest Building), ILFS (Mumbai), Raheja
Towers (Chennai), IOCL (New Delhi), DLF Cyber Green (Gurgaon), Hyatt Regency
(two cities), HSBC (five cities), Intel (Bangalore), Bank of India (Mumbai),
IBM (Kolkata), Cognizant (three cities) and many others.
Technoclean (I) Private Limited is
Technoclean staff is professionally able to operate all
types of façade systems and the company has pioneered ‘Spiderman’ (abseiling
technique) here in
The staff undergo a rigorous training program and the
company is complying with all statutory requirements and all British safety
standards. In addition, the company also offers insurance on the façade while
cleaning and secondary insurance on all its workers.
Select Services is a division of Technoclean
specializing in public area housekeeping for multi national companies and
hotels. The department has been providing superb quality service for the last
three years with its first contract Taj President, Mumbai. Select is currently
operating in
Cleanindia Group has added Vizag and
CRI is currently installing a façade cleaning system at Muthoot Landmark,
July saw the launch of
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.40.60 |
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1 |
Rs.80.65 |
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Euro |
1 |
Rs.54.55 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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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 |
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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45 |
This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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