MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
NILEFOS ORIENT FERTILISER PRIVATE LIMITED |
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Registered Office : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
06.07.2006 |
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Com. Reg. No.: |
11-162955 |
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CIN No.: [Company
Identification No.] |
U24119MH2006PTC162965 |
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IEC No.: |
0306032104 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMN13925C |
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PAN No.: [Permanent
Account No.] |
AAACCN3277B |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Importer and Trader of all types of water soluble fertilisers, yellow
sulphur, bentonite sulphus and Chemicals. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
The company belongs to Madhvani Group of East Africa who made their
good fortunes there. They are non-resident Indians. Mr. Nitin Madhavani’s uncle
Mr. Mayur Madhavaliand his wife, film actress of Hindi movies own huge
properties in Mumbai. Subject office and their residential flats are
currently valued at Rs. 4000 Millions. Their payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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INFORMATION PARTED
BY
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Name : |
Mr. Gopal V Rajani |
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Designation : |
Director |
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Contact No.: |
91-9820344503 |
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Date : |
11.04.2008 |
LOCATIONS
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Registered Office : |
11th Floor, Bakhtawar, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Tel. No.: |
91-22-22876306-07 / 22852188 |
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Mobile No.: |
91-9820344503 |
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Fax No.: |
91-22-22852188 |
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E-Mail : |
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Website : |
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Area: |
1840 Sq.fts |
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Location |
Owned |
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Factory : |
Rainbow Warehousing Gat No. 1110, At Post Wagholi, Kesnand Phata,
Pune Nagar Road, Pune – 412 207,
Maharashtra, India |
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Tel No.: |
91-20- 2705 2665/2705 2886 |
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Area: |
2500 sq.fts |
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Location : |
Rented |
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Branches: |
Centre No. 27, Union Building, 1st Floor, 52/54 Sleater
Road, Grant road, (West), Mumbai – 400 007, Maharashtra, India |
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Tel No.: |
91-22-2387 1769 / 2387 9103 |
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Fax No.: |
91-22-2387 9128 |
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Email : |
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Area: |
1700 Sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Nitin J. Madhvani |
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Designation : |
Director |
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Address : |
Kakira Sugar Works, P O Box 54, Jinja, NA -54 |
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Date of Birth/Age : |
04.05.1951 |
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Qualification : |
Graduate from Oxford University |
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Experience : |
35 years |
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Directorship in other Companies: |
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CIN of the Company : |
U27100MH1981PTC023936 |
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Name of the Company: |
FMP Engineering Private Limited |
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Designation: |
Chairman |
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CIN of the Company : |
U01117TZ2001PTC009821 |
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Name of the Company: |
Nilgiri Botanical Plantations Company Private Limited |
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Designation: |
Director |
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Name : |
Mr. Nalin B Desai |
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Designation : |
Director |
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Address : |
A -9, 901, Ganga Satellite, Wanowire, Pune – 411 040, Maharashtra,
India |
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Date of Birth/Age : |
19.09.1939 |
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Qualification : |
BE (Mech) |
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Experience : |
45 years |
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Name : |
Mr. Gopal Rajani |
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Designation : |
Director |
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Address : |
401, A Raghukripa, opposite Kamala Nagar, M G Road, Kandivali , Mumbai
– 400 067, Maharashtra, India |
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Date of Birth/Age : |
05.09.1950 |
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Qualification : |
B Com |
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Experience : |
35 years |
MAJOR SHAREHOLDERS
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Names of Shareholders (as on 31.03.2007):- |
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No. of Shares |
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Nitin Madhvani |
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9998 |
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Mr. Nalin B Desai |
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1 |
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Mr. Gopal Rajani |
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1 |
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Total |
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10000 |
Note:
FMP Engineering Tecknik Limited - Share
application money received, share allotment pending for 485 400 Shares.
Equity Shares Breakup (Percentage of Total Equity): [as on 31.03.2007]:-
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Sr No. |
Category |
Percentage |
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1 |
Directors or relative of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Importer and Trader of all types of water soluble fertilisers, yellow
sulphur, bentonite sulphus and Chemicals. |
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Product : |
· MAP · MKP · KNO3 · SOP · CANO3 · 19 ALL |
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Agencies Held : |
Nilefos Chemie NV |
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Imports : |
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Products : |
Water Soluble Fertiliser , MAP, MKP, KNO3 and SOP, 19 ALL, CANO3 |
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Countries : |
Belgium, Israel, Chile, China |
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Terms : |
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Selling : |
Cash and Credit (60 Days) |
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Purchasing : |
L/C, Credit (120 Days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailer, End Users and others |
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No. of Employees : |
5 (3 in Office and 2 in Branch) |
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Bankers : |
Bank of India Nariman Point Branch, Air India Building, Mumbai – 400021,
Maharashtra, India |
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Facilities : |
Overdraft Facility : Rs. 9.000 Millions , Current Account |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S C Bandi and Associates Chartered Accountants |
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Address : |
812 Maker Chamber V, Nariman Point, Mumbai – 400 021, Maharashtra,
India |
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Tel No.: |
91-22-22834298 |
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Email: |
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Group Companies : |
Ø FMP Engineering
Solutions Private Limited Mumbai Authorised Capital
: Rs. 1.000 Million Paid up Capital :
Rs. 0.100 Million Ø Madhvani Tea Ø Madhvani Soap Ø Kakira Sweets |
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Associates/Subsidiaries : |
· Nilefos Chemie NV Address: Haven 6780 A, Kuhlmannkaai, 1
9042 Gent, Belgium Activity: Manufacturer of water soluble
fertilizers · Nilefos Quimica SA Address: Avenida Francisco Montenegro , S
/ N 21001, Huelva, Spain Activity: Manufacturer of STPP |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1250000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.500 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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495400 |
Equity Shares |
Rs. 10/-
each |
Rs 4.954
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.954 |
0.100 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(2.595) |
0.000 |
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NETWORTH |
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2.359 |
0.100 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.000 |
4.474 |
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TOTAL BORROWING |
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0.000 |
4.474 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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2.359 |
4.574 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.000 |
0.000 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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4.377 |
4.897 |
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Sundry Debtors |
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1.778 |
0.097 |
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Cash & Bank Balances |
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0.613 |
0.058 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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2.959 |
3.779 |
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Total
Current Assets |
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9.727 |
8.831 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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7.935 |
4.812 |
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Provisions |
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0.000 |
0.010 |
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Total
Current Liabilities |
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7.935 |
4.822 |
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Net Current Assets |
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1.792 |
4.009 |
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MISCELLANEOUS EXPENSES |
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0.567 |
0.565 |
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TOTAL |
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2.359 |
4.574 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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7.664 |
1.132 |
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Other Income |
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0.193 |
0.179 |
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Total Income |
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7.857 |
1.311 |
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Profit/(Loss) Before Tax |
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[2.328] |
[0.257] |
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Provision for Taxation |
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0.00 |
0.001 |
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Profit/(Loss) After Tax |
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[2.328] |
[0.267] |
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Import Value |
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4.799 |
4.186 |
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Expenditures : |
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Cost of Goods Sold |
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7.019 |
0.240 |
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Administrative Expenses |
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2.649 |
1.209 |
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Interest |
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0.454 |
0.086 |
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Depreciation & Amortization |
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0.003 |
0.000 |
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0.033 |
0.033 |
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Total Expenditure |
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10.158 |
1.568 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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[29.62] |
[20.36] |
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Net Profit Margin (PBT/Sales) |
(%) |
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[30.37] |
[22.70] |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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[23.93] |
[2.91] |
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Return on Investment (ROI) (PBT/Networth) |
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[0.98] |
[2.57] |
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Debt Equity Ratio (Total Liability/Networth) |
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3.36 |
92.96 |
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Current Ratio (Current Asset/Current Liability) |
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1.23 |
1.83 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Nilefos Chemie NV, Belgium
· Rotem Aftert Negev Limited, Israel
· SQM Industrial SA, Chile
· Xiangxiang Singlong Industrial Trade company Limited, China
· Thomas Trading Company, Kanifnath Warehouse, At and Post Wadki , Pune Saswad Road, Pune, Maharashtra, India
· Pragat Krishi Seva Kendra, Pune Nasik Road, Near Dr. Mali Hospital, A/P Sangamner, Dsitrct Ahemdnagar, Maharashtra, India
· P R Agro Nutri Private Limited, Private Godowns , Gala No. 07, Kondi Road, NH 9 Taluka, Sholapur (North), Sholapur, Maharashtra, India
· Orbit Crop Science and Chemicals Private limited , Plot No. 3 /4 , Dattanagar Near Varda Tiles, Kupwad MIDC, Taluka Miraj, District , Sangli, Maharashtra India
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.97 |
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UK Pound |
1 |
Rs.79.53 |
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Euro |
1 |
Rs.63.09 |
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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