MIRA
INFORM REPORT
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Report Date : |
03.10.2007 |
IDENTIFICATION DETAILS
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Name : |
PRABHAT CHEMIORGANICS LIMITED |
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Formerly Known As : |
PRABHAT CHEMICAL COMPANY |
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Registered Office : |
228, Sarita, Prabhat Industrial and Residential Complex, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
30.03.2006 |
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Com. Reg. No.: |
160876 |
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CIN No.: [Company
Identification No.] |
U24100MH2006PLC160876 |
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IEC No.: |
0306009561 DT. 11.05.2006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP22401B |
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PAN No.: [Permanent
Account No.] |
AADCP8525B |
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Legal Form : |
Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacture and Exporter 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 21772 |
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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 and taken over
running business of erstwhile partnership concern. Directors are reported as experience
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 : |
228, Sarita, Prabhat Industrial and Residential Complex, |
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Tel. No.: |
91-22-28963542 / 3543 / 0237 |
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Fax No.: |
91-22-28965669 |
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E-Mail : |
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Website : |
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Area : |
580 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Plot No. 2406 / 2408, Road No. 24, Phase I, GIDC Industrial Estate,
Sachin 394 230, District |
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Tel. No.: |
91-261-2397590 |
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Fax No.: |
91-261-2397971 |
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E-Mail : |
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Area : |
13189 sq. fts. |
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Location : |
Leased |
DIRECTORS
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Name : |
Mr. Vallabh Savani |
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Designation : |
Director |
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Address : |
Row House No. 6, Green Villa, Shanti Park, Shrushti Link Road, Miraroad
(East), Thane 401 107, Maharashtra, India |
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Date of Birth/Age : |
15.05.1958 |
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Qualification : |
MSc |
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Experience : |
27 Years |
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Name : |
Mr. Ramesh Kakadiya |
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Designation : |
Director |
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Address : |
2642, Sahyog Society, Gujarat Housing Board, Sachin 394 230, District |
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Date of Birth/Age : |
17.10.1970 |
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Qualification : |
BSc |
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Experience : |
16 Years |
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Name : |
Mr. Kaushik Savani |
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Designation : |
Director |
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Address : |
103, A-8, Shanti Vihar, Miraroad (East), Thane 401 107, |
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Date of Birth/Age : |
01.03.1977 |
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Qualification : |
HSC |
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Experience : |
12 Years |
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Name : |
Mr. Lalji Savani |
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Designation : |
Director |
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Address : |
104, A-8, Sector 7, Shanti Nagar, Miraroad (East), Thane 401 107, |
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Date of Birth/Age : |
08.06.1983 |
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Qualification : |
MSc |
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Experience : |
2 Years |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Vallabh Savani |
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70000 |
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Mr. Ramesh Kakadiya |
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70000 |
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Mr. Bhagwan Savani |
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70000 |
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Mr. Odhavji Savani |
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70000 |
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Mr. Arjun Savani |
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70000 |
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Mr. Bhimji Savani |
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70000 |
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Mr. Jivraj Kakadiya |
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70000 |
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Mr. Kaushik Savani |
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100 |
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Mr. Lalji Savani |
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100 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Chemicals |
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Exports : |
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Products : |
Ø
Alfa Asear – Avocado – Lancaster Oakwood Products
Inc Ø
International Specialty Chemicals Inc |
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Countries : |
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Imports : |
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Products : |
Ø
Dor Chemicals Limited Ø
Taminco Higher Amines, Inc |
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Countries : |
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Terms : |
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Selling : |
Credit (30 days) |
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Purchasing : |
Credit (30 days) |
PRODUCTION STATUS
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Particulars |
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Unit
|
Installed
Capacity (Per
Month) |
Actual
Production (Per
Month) |
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Bromobenzene |
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Tons |
10 |
20 |
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Tetra Butyl Ammonium Bromide |
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Tons |
5 |
15 |
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Tetra Butyl Ammonium Hydrogen Sulphate |
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Tons |
2 |
5 |
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Tons |
5 |
10 |
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Triethyl Benzyl Ammonium Chloride |
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Tons |
10 |
25 |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
40 (10 In Office, 30 In Factory) |
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Bankers : |
Bank of |
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Facilities : |
Credit Limit – Rs. 12.500 millions
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Hiren Shah and Associates Chartered Accountants |
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Address : |
Plot No. 167, Room 12, 2nd Floor, Road No. 3, Jawahar Nagar,
Goregaon (West), Mumbai 400 104, Maharashtra, |
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Tel. No.: |
91-22-28750549 |
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Associates/Subsidiaries : |
Ø
Name: Prabhat
Chemipharma Private Limited Address: 228, Sarita,
Prabhat Industrial and Residential Complex, Line of
Business: Chemicals Trading Ø
Name: Regal Remedies
Private Limited Address: 228, Sarita,
Prabhat Industrial and Residential Complex, Line of
Business: Pharmaceuticals Trading Ø
Name: Prabhat Real
Estate and Developers Private Limited Address: 228, Sarita,
Prabhat Industrial and Residential Complex, Line of
Business: Construction and Land Trade |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
493400 |
Equity shares |
Rs. 10/-
each |
Rs. 4.934
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 (Partnership) |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.934 |
7.886 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
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0.509 |
0.000 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
5.443 |
7.886 |
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LOAN FUNDS |
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1] Secured Loans |
|
0.227 |
7.550 |
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2] Unsecured Loans |
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17.573 |
9.269 |
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TOTAL BORROWING |
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17.800 |
16.819 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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23.243 |
24.705 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.715 |
7.792 |
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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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0.003 |
0.003 |
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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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7.268 |
6.069 |
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Sundry Debtors |
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18.361 |
17.988 |
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Cash & Bank Balances |
|
1.059 |
0.747 |
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Other Current Assets |
|
1.723 |
0.611 |
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Loans & Advances |
|
0.561 |
0.576 |
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Total
Current Assets |
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28.972 |
25.991 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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11.969 |
8.852 |
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Provisions |
|
0.657 |
0.425 |
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Total
Current Liabilities |
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12.626 |
9.277 |
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Net Current Assets |
|
16.346 |
16.714 |
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MISCELLANEOUS EXPENSES |
|
0.179 |
0.196 |
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TOTAL |
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23.243 |
24.705 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 (Partnership) |
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Sales Turnover |
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47.951 |
49.063 |
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Other Income |
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0.043 |
0.053 |
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Total Income |
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47.994 |
49.116 |
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Profit/(Loss) Before Tax |
|
1.166 |
1.005 |
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Provision for Taxation |
|
0.667 |
0.425 |
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Profit/(Loss) After Tax |
|
0.509 |
0.579 |
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Earnings in Foreign Currency : |
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Total Earnings |
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0.020 |
0.006 |
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Imports : |
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Raw Materials |
|
34.718 |
34.289 |
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Capital Goods |
|
6.069 |
7.375 |
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Total Imports |
|
40.787 |
41.664 |
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Expenditures : |
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Cost of Goods Sold |
|
7.268 |
6.069 |
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Manufacturing Expenses |
|
3.877 |
4.046 |
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Administrative Expenses |
|
0.073 |
0.141 |
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Interest |
|
2.580 |
3.160 |
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Depreciation & Amortization |
|
2.577 |
1.112 |
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Other Expenditure |
|
5.877 |
3.516 |
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Total Expenditure |
|
22.252 |
18.044 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 (Partnership) |
|
PAT / Total Income |
(%) |
|
1.06 |
1.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
2.43 |
2.04 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
3.26 |
2.97 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.21 |
0.12 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
5.58 |
3.30 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.29 |
2.80 |
LOCAL AGENCY FURTHER INFORMATION
As Per Web
Details:
Subject Company is a leading organisation,
specialised in BROMINE BASED intermediates, PHASE TRANSFER Catalyst (QUARTERNARY
Ammonium Bromides) and speciality chemicals for bulk drugs and other
industries.
As a manufacturer, their objective is to build confidence among their
customers by regular and reliable supplies at competitive prices and consistent
quality, complying with their technical requirements.
Their Purpose is to build a comprehensive range of products for each
specific market segment with the objective to be the most reliable manufacturer
in the market.
Backed by team of technically qualified personals with an attitude to
excel, subject Company assures
you of quality products and timely delivery as scheduled.
Customer Satisfaction is their success.
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QUATERNARY AMMONIUM COMPOUNDS |
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Tetra Butyl Ammonium Hydroxide |
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QUATERNARY PHOSPHONIUM COMPOUNDS |
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Ethyl Triphenyl Phosphonium Bromide |
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Butyl Triphenyl Phosphonium Bromide |
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BROMINE BASE INTERMEDIATE |
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|
1,2 Dibromobenzene |
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2,Chloro Bromobenze |
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BROMINATING AGENTS |
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Tri Phenyl Phosphonium Hydro Bromide |
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OTHER PRODUCTS |
CAS #NO. |
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Tri Phenylphosphine Hydrobromide |
6399-81-1 |
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m-Bromo Aniline |
591-19-5 |
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Benzyl Bromide |
100-39-0 |
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4-Bromo Propiophenone |
10342-83-3 |
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Phenyl ethyl bromide |
103-63-9 |
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p-Bromo Phenol |
106-41-2 |
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n-Propyl Bromide |
106-94-5 |
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m-Dibromo Benzene |
108-36-1 |
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Cyclohexyl Bromide |
108-85-0 |
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1,3- Dibromopropane |
109-64-8 |
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1,4-Dibromo Butane |
110-52-1 |
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n-Hexyl Bromide |
111-25-1 |
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Decabromo Diphenyl ether |
1163-19-5 |
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Pyridine Hydrobromide |
18820-82-1 |
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2-Bromoethylamine hydrobromide |
2576-47-8 |
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m-Bromo Benzaldehyde |
3132-99-8 |
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Tetra Butyl Ammonium Tri Bromide |
38932-80-8 |
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4-Bromo-2,2-Diphenylbutyronitrile |
39186-58-8 |
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Pyridine Bromide Perbromide |
39416-48-3 |
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m-Bromo Benzoic Acid |
585-76-2 |
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p-Bromo Benzoic Acid |
586-76-5 |
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m-Bromo Phenol |
591-20-8 |
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Sodium Bromate |
7789-38-0 |
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o-Bromo Benzoic Acid |
88-65-3 |
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m-Bromo Toluene |
591-17-3 |
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iso-Butyl Bromide |
78-77-3 |
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Tetra Propyl Ammonium Bromide |
1941-30-6 |
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Tri Ethyl Benzyl Ammonium Chloride |
56-37-1 |
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Calcium Bromide |
7789-41-5 |
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Magnesium Bromide |
13446-53-2 |
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Zinc Bromide |
7699-45-8 |
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Phosphorous Tribromide |
7789-60-8 |
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P-Bromo Phenacyl Bromide |
99-73-0 |
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3 Bromo Nitrobenzene |
585-79-5 |
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1-Bromo-3-Chloro Propane |
109-70-6 |
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Cetrimide |
138-32-9 |
|
Tri Methyl Sulfoxonium Bromide |
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Their Activity
They can server as a partner to the pharmaceutical industry in a variety of ways. Custom manufacturing business for pharmaceutical industry has been their key focus area. They have established a network of partnerships with companies worldwide making mutual synergetic effects. They can respond to wide range of client's needs from very small inquiry to commercial quantity under international quality standards. Their excellent and efficient staff including experienced and qualified chemists can respond to any inquiries and be of assistance to find solutions to difficult problems.
Their Services
They are experienced in commercial production and scale-up techniques for process development. They can offer manufacturing of initial smaller requirements since most companies are interested in the projects of future. Once they receive an inquiry for new product, they study the process in detail, deign a suitable, practical synthetic route and then manufacture the product. With a decade of practical experience in the scale-up from research quantities to commercial quantities makes it easier for them to go into commercial production. They take into consideration environmental issues and cost for developing a new synthetic route.
Their Key reaction
Strengths
Ø
Bromination
Ø
Nitration
Ø
Reduction
Ø
Acetylation
Ø Oxidation
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON DESIGNATED
PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals have
been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.73 |
|
|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
|
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 |
|
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. |
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 |
|