MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
ANDRU PRODUCTS LIMITED |
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Registered Office : |
D – 11, SMA, Co-operative Industrial Estate, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
02.05.1995 |
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Com. Reg. No.: |
068144 |
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CIN No.: [Company
Identification No.] |
L74899DL1995PLC068144 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELA10669B |
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PAN No.: [Permanent
Account No.] |
AAACA8464D |
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Legal Form : |
A closely held Public Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Bolts, Rivets, Screws, Special
Fasteners. |
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 12700 |
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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. Directors are reported as experienced
and respectable businessman. Trade
relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealing at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
D – 11, SMA, Co-operative Industrial Estate, |
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Tel. No.: |
91-11-65156706 / 27694174 / 27694175 |
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Fax No.: |
91-11-27691152 |
DIRECTORS
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Name : |
Mr. Vipul Jain |
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Designation : |
Director |
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Address : |
TP-59, Pitampura, |
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Date of Birth/Age : |
22.08.1973 |
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Date of Appointment : |
01.12.2004 |
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Name : |
Mr. Narendra Kumar Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, |
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Date of Birth/Age : |
09.09.1951 |
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Date of Appointment : |
19.06.1995 |
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Name : |
Mr. Ashish Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, |
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Date of Birth/Age : |
11.08.1979 |
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Date of Appointment : |
16.06.2001 |
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Name : |
Mr. Ratanlal Jain |
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Designation : |
Director |
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Address : |
18/11, Shakti Nagar, |
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Date of Birth/Age : |
22.02.1924 |
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Date of Appointment : |
04.01.1999 |
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Name : |
Mr. Sudharma Jain |
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Designation : |
Director |
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Address : |
BK15, |
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Date of Appointment : |
01.12.2004 |
KEY EXECUTIVES
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Name : |
Rajeshwari Chamola |
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Designation : |
Company Secretary |
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Address : |
805, |
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Tel No. : |
91-11-51536636 |
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Fax No. : |
91-11-51536637 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Narender Kumar Jain |
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2000 |
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Ratan Lal Jain |
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5500 |
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Uma Jain |
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46000 |
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N. K. Jain HUF |
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7000 |
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Adish Jain |
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14520 |
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Ashish Jain |
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17520 |
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Bindu Jain |
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2500 |
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Sunita Jain |
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6000 |
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Dibhan Jain |
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94000 |
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Prem Wati Jain |
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10000 |
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Kusum Lata Choudhary |
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10000 |
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Abhinandan Jain |
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5000 |
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R. L. Jain HUF |
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50000 |
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Indu Jain |
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950 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Directors or relatives of Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bolts, Rivets, Screws, Special
Fasteners |
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Products : |
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PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Iron Bolts & Wire mash |
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MT |
326 |
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Electricity |
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Tones |
254 |
GENERAL INFORMATION
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No. of Employees : |
55 |
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Bankers : |
Punjab National Bank, Shakti Nagar, |
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Facilities : |
Overdraft |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Jain Passey & Associates Chartered Accountant |
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Address : |
17/3D, Shakti Nagar, |
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Tel. No.: |
91-11-23840431 / 52351300 |
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Mobile No.: |
91-11-9810236287 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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27990 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.279
Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
2.710 |
2.710 |
2.710 |
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2] Share Application Money |
0.000 |
0.135 |
0.000 |
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3] Reserves & Surplus |
0.465 |
0.456 |
0.357 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.175 |
3.301 |
3.067 |
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LOAN FUNDS |
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1] Secured Loans |
2.048 |
1.091 |
0.019 |
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2] Unsecured Loans |
0.135 |
0.000 |
0.000 |
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TOTAL BORROWING |
2.183 |
1.091 |
0.019 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
5.358 |
4.392 |
3.086 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.554 |
0.728 |
0.702 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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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 |
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Sundry Debtors |
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Cash & Bank Balances |
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Other Current Assets |
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5.779 |
4.472 |
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Loans & Advances |
NA
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Total
Current Assets |
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5.779 |
4.472 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.120 |
2.098 |
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Provisions |
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Total
Current Liabilities |
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2.120 |
2.098 |
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Net Current Assets |
3.804
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3.659 |
2.373 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.005 |
0.010 |
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TOTAL |
5.358 |
4.392 |
3.086 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
9.231 |
9.068 |
7.103 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
9.231 |
9.068 |
7.103 |
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Profit/(Loss) Before Tax |
0.009 |
0.100 |
0.066 |
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Provision for Taxation |
- |
-- |
-- |
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Profit/(Loss) After Tax |
0.009 |
0.100 |
0.066 |
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Earnings in Foreign Currency : |
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Export Earnings |
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Commission Earnings |
NA |
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Other Earnings |
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Total Earnings |
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0.114 |
0.026 |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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1.302 |
1.472 |
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Administrative Expenses |
9.222 |
0.652 |
0.452 |
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Raw Material Consumed |
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6.899 |
4.989 |
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Depreciation & Amortization |
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0.116 |
0.124 |
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Total Expenditure |
9.222 |
8.969 |
7.037 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
0.09
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1.10 |
0.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.09
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1.10 |
0.92 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
--
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1.53 |
1.27 |
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Return on Investment (ROI) (PBT/Networth) |
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0.002
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0.03 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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--
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0.97 |
0.69 |
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Current Ratio (Current Asset/Current Liability) |
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--
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2.72 |
2.13 |
LOCAL AGENCY FURTHER INFORMATION
Fixed Asset
- Machinery
- Car
- Computer
- Office
Equipments
Operation and
Financial Results
The Company has achieve a total turnover of Rs. 9.068 Millions during
the year against the turnover of Rs. 7.103 Millions in the last year. The Company has earned a profit of Rs. 0.099
Million before tax against profit of Rs. 0.066 Million before tax in the
previous year. The Directors are hopeful
that the company will do even better in the current year.
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
ANDRU PRODUCTS LIMITED |
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Presented By |
ASHISH JAIN |
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1) Date and description of instrument creating the change |
12.03.2005
Hypothecation of Goods to secure a Demand Cash Credit Hypothecation of
movable assets forming part of fixed/block assets, Supplementary Agreement. |
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2) Amount secured by the charge/amount owing on the
securities of charge |
Rs. 1.000 Million |
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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 |
Hypothecation of stocks of G.I Wire M.S. Wire machine
screws, Bolts, Knitted filter mesh and allied products in ferrous and non
ferrous materials and any other such items as acceptable to Bank
Hypothecation of machinery Header, Car, Computer office equipments,
Hypothecation of book debts as per supplementary deed. |
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4) Gist of the terms and conditions and extent and
operation of the charge. |
The aforesaid securities are hypothecated to secured
Demand Cash Credit Limit of Rs. 1.000 Million interest to be paid at the rate
of 4.75% per annum over the RBI rate with a minimum of 10.75% per annum
calculated on daily balance due to the Bank and charged monthly. |
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5) Name and Address and description of the person entitled
to the charge. |
Punjab National Bank, Shakti Nagar, |
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6) Date and brief
description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and
conditions or the extent of operations of the charge in which modification is
made and the details of the modification. |
NA |
AS PER WEBSITE
DETAILS :
Subject is one of the leading organizations engaged in the manufacture
and export of Bolts, Rivets, Screws, Special Fasteners, Flanges, Automotive
Fasteners, Collar Bolts, Carriage Bolts, Nuts of various shapes, sizes and dimensions.
Established in 1986, they began their operations with the sole purpose of
providing reliable quality, cost-effective products. Their ability to provide
their clients reasonably priced quality products within the stipulated time
frame has won them a lot of appaluse from both their national and international
clients and made them the preferred partner of many a companies and industries.
Their Strength
Convienently located in the capital city 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 39.31 |
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|
1 |
Rs. 79.95 |
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Euro |
1 |
Rs. 55.71 |
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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
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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 |
|
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 |
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