MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
DHANDAPANI EXPORTS LIMITED |
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Registered Office : |
291, Old No.141, Linghi Chetty
Street, Chennai-600 001, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.12.1990 |
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Com. Reg. No.: |
20063 |
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CIN No.: [Company
Identification No.] |
U52321TN1990PLC020063 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHED02235C |
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Legal Form : |
A Closely held Public Limited Company. |
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Line of Business : |
Manufacturer and Exporter of Leather Garments. |
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 122328 |
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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 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 normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
291, Old No.141, Linghi Chetty
Street, Chennai-600 001, Tamil Nadu |
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Tel. No.: |
91-44-25242831 / 25268870 / 5251452 / 28141778 |
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Fax No.: |
91-44-25231236 / 28141612 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. T N Kothandapani |
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Designation : |
Director |
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Address : |
No. 785, Dr Ramaswamy Road, K K Nagar, Chennai – 600 078 |
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Date of Birth/Age : |
15.02.1946 |
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Date of Appointment : |
28.07.1994 |
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Name : |
Mr. T N Sridharan |
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Designation : |
Director |
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Address : |
33/3, Meanue Avenue Road, Bangalore-
560 042 |
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Date of Birth/Age : |
21.01.1947 |
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Date of Appointment : |
28.07.1994 |
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Name : |
Mr. T N Soundarajan |
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Designation : |
Director |
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Address : |
No. 2, Sarathy Street, T Nagar, Chennai – 600 017 |
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Date of Birth/Age : |
31.03.1949 |
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Date of Appointment : |
28.07.1994 |
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Date of Ceasing: |
21.09.2007 |
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Name : |
Mr. Kumar K Swamy |
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Designation : |
Director |
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Address : |
No. 14, 13th Cross Street , Sasthri Nagar, Adyar, Chennai –
600 020 |
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Date of Birth/Age : |
18.11.1956 |
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Date of Appointment : |
26.11.1993 |
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Name : |
Mr Sudharsan T S |
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Designation : |
Director |
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Address : |
W -3, north Main road, Anna Nagar West Extension, Chennai – 600 001 |
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Date of Birth/Age : |
17.04.1962 |
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Date of Appointment : |
24.08.1995 |
KEY EXECUTIVES
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Name : |
Mr. T N Desikan |
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Designation : |
Chairman |
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Address : |
No. 2, riverside road, koturpuram, Chennai – 600 085 |
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Date of Birth/Age : |
25.09.1929 |
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Date of Appointment : |
24.08.1995 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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K Dhandapani and company
Limited |
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1240550 |
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Mr. TN Gopalan |
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200 |
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Me T N Soundararajan |
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200 |
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Mr Kumar K Swamy |
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25000 |
Equity Shares Breakup (Percentage of Total Equity):
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
2.00 |
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2 |
Bodies corporate |
98.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Leather Garments. |
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Products : |
· Sheep leather · Cow Leather · Buff Leather · Buff Calf leather · Goat Leather · Leather Jackets (Gents) · Leather Long Coats (Gents) · Leather Waist Coats / Shirts (Gents) · Leather Pants / Shorts(Gents) · Leather Pant/ Shorts (Ladies) · Leather Jackets( Ladies) · Leather long coats (Ladies) · Leather Waists Coats / Shirts (Ladies) · Children Garments · Other Leather Goods.
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GENERAL
INFORMATION
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No. of Employees : |
30 |
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Bankers : |
· State Bank of India Address: Commercial Branch, Chennai – 600
001, Tamil Nadu, India · Sundaram Finance Limited Address: No.21, Patullos Road, Chennai –
600 002 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
· V Krishnan and Associates Chartered Accountants Address: 56, Old No. 35, Singhrachari
Street, Triplicane – 600 005, Chennai,Tamil Nadu · P B Vijayaraghavan and Company Chartered Accountants Address: No.14, (Old No. 27) , Cathedral
Garden Road, Nungambakkam – 600 034, Chennai, Tamil Nadu |
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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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1300000 |
Equity shares |
Rs. 10/- each |
Rs. 13.000 millions. |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1266000 |
Equity shares |
Rs. 10/-
each |
Rs. 12.660
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
12.660 |
12.660 |
12.660 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
17.922 |
17.418 |
16.371 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.582 |
30.078 |
29.031 |
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LOAN FUNDS |
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1] Secured Loans |
29.278 |
27.055 |
40.740 |
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2] Unsecured Loans |
6.527 |
1.543 |
0.771 |
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TOTAL BORROWING |
35.805 |
28.598 |
41.511 |
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DEFERRED TAX LIABILITIES |
0.426 |
0.484 |
0.000 |
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TOTAL |
66.813 |
59.160 |
70.542 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
8.936 |
7.841 |
7.166 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
13.050 |
10.429 |
0.398 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
30.003
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23.744 |
31.952 |
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Sundry Debtors |
16.112
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19.173 |
23.479 |
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Cash & Bank Balances |
11.317
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2.609 |
7.958 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
11.130
|
11.860 |
8.669 |
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Total
Current Assets |
68.562
|
57.386 |
72.058 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.904
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8.929 |
2.231 |
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Provisions |
3.831
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7.567 |
6.849 |
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Total
Current Liabilities |
23.735
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16.496 |
9.080 |
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Net Current Assets |
44.827
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40.890 |
62.978 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
66.813 |
59.160 |
70.542 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
88.719 |
113.163 |
119.600 |
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Other Income |
6.886 |
6.437 |
0.000 |
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Total Income |
95.605 |
119.600 |
119.600 |
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Profit/(Loss) Before Tax |
3.244 |
6.012 |
5.876 |
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Provision for Taxation |
1.030 |
2.057 |
2.057 |
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Profit/(Loss) After Tax |
2.214 |
3.955 |
3.819 |
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Expenditures : |
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Raw Material Consumed |
2.173 |
1.391 |
1.391 |
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Purchases Less Returns |
0.000 |
0.000 |
85.878 |
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Job work charges |
0.000 |
0.000 |
4.170 |
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Manufacturing and other Expenses |
0.000 |
0.000 |
17.311 |
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Purchases made for re-sale |
63.779 |
85.878 |
0.000 |
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Salaries, wages and bonus |
0.879 |
1.573 |
0.000 |
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Employees Remuneration |
0.000 |
0.000 |
1.573 |
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Director Remuneration |
0.000 |
0.000 |
0.645 |
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Managerial Remuneration |
0.731 |
0.645 |
0.000 |
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Interest |
2.680 |
1.366 |
1.366 |
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Depreciation |
0.000 |
0.000 |
1.254 |
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Other Expenditure |
22.119 |
22.735 |
0.000 |
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Total Expenditure |
92.361 |
113.588 |
113.588 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
2.31
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3.30 |
3.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.39
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5.31 |
4.91 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.18
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9.21 |
7.41 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10
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0.19 |
0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.94
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1.49 |
3.59 |
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Current Ratio (Current Asset/Current Liability) |
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2.88
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3.47 |
7.93 |
LOCAL AGENCY
FURTHER INFORMATION
FORM 8:-
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Name of the
company |
M/S DHANDAPANI EXPORTS LIMITED |
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Presented
By |
M/s Sundaram Finance Limited, No. 21,
Patullos Road, Chennai – 600 002 |
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1) Date and
description of instrument creating the change |
Loan agreement
dated 27.08.2005 Cont No. AC1553 |
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2) Amount secured
by the charge/amount owing on the securities of charge |
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3) Short
particular of the property charged. If the property acquired is subject to
charge, date of the acquired of the property should be given |
On the security
of 1 No. 2005 - Model Fiatpetra E NO -69272 CH No.8060842 |
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4) Gist of the
terms and conditions and extent and operation of the charge. |
Rs. 0.604 millions is repayable in 60
monthly installments as under:-
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5) Name and
Address and description of the person entitled to the charge. |
M/s Sundaram Finance limited Address: No.21, Patullos Road, Chennai –
600 002 |
FIXED ASSETS:-
· Furniture and fittings
· Plant and Machinery
· Office equipment
· Motor Vehicles
· Computer
· Land
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.39.28 |
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UK Pound |
1 |
Rs.80.87 |
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Euro |
1 |
Rs.57.68 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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 |
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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
|
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 |
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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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