MIRA
INFORM REPORT
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Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
RATAN MICA EXPORTS PRIVATE LIMITED |
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Registered Office : |
East End Gardens, Block N, 11/11A, Mayfair Road, Kolkata – 700 019, West Bengal |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
01.11.1975 |
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Com. Reg. No.: |
21-30296 |
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CIN No.: [Company
Identification No.] |
U14293WB1975PTC030296 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALR00663F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Mica and Mica Products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 150000 |
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Status : |
Good |
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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 fine track
records. Trade relations are fair. Business is active. General financial position
is satisfactory. Payments are reported as usually correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
East End Gardens, Block N, 11/11A, Mayfair Road, Kolkata – 700 019, West Bengal, India |
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Tel. No.: |
91-33-2247 2267 /
2283 2161/ 22872267 |
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Fax No.: |
91-33-2247 5161 |
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E-Mail : |
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Website : |
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Factory : |
Located at
Makatpur, Giridih, Jharkhand, India |
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Tel. No.: |
91-6532-222725 /
222244 |
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Fax No.: |
91-6532-222478 |
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E-Mail : |
DIRECTORS
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Name : |
Ms. Sangita Bagaria |
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Designation : |
Director |
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Address : |
Makatpur, Giridih – 815301, Jharkhand, India |
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Date of Birth/Age : |
26.06.1963 |
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Date of Appointment : |
05.01.1996 |
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Election Commission Identity Card No. : |
KDW0607411 |
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Name : |
Ms. Anuradha Sarawagi |
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Designation : |
Director |
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Address : |
32/1, Rowland Road, Kolkata – 700020, West Bengal, India |
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Date of Birth/Age : |
09.01.1969 |
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Date of Appointment : |
02.02.2004 |
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Election Commission Identity Card No. : |
WE23/146/255168 |
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Name : |
Ms. Madhulika Poddar |
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Designation : |
Director |
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Address : |
33, Madan Mohantalla Street, Kolkata, West Bengal, India |
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Date of Birth/Age : |
10.01.1970 |
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Date of Appointment : |
14.05.1997 |
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Date of Ceasing : |
04.11.2004 |
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Election Commission Identity Card No. : |
WB21/140/252148 |
KEY EXECUTIVES
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Name : |
Mr. D. Paul |
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Designation : |
Assistant Manager |
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Name : |
Shyamal Bhattacharjee |
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Designation : |
Company Secretary |
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Address: |
2, Dr. Deoadar Rahaman Road, Flat No. R3/4, Lake Gardens, Baisakhi,
Kolkata 700033 |
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Tel. No.: |
91-33-24173341 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Equity Shareholders |
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No. of Shares |
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Rajan Bagaria |
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6989 |
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Vidya Devi Bagaria |
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392 |
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Asha Bagaria |
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482 |
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Bijay Bagaria |
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392 |
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Ajay Bagaria |
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392 |
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Jaya Bagaria |
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392 |
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Rajni Churiwala |
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392 |
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Madhu Bagaria |
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392 |
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Vikram Bagaria |
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873 |
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Kapil Bagaria |
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1024 |
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Sangita Bijay Bagaria |
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1175 |
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Sangita Om Prakash Bagaria |
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17232 |
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Ashutosh N. Bagaria |
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301 |
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Madhulika Poddar |
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301 |
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Anuradha Sarawgi |
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301 |
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Total |
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31030 |
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Names of Preference Shareholders |
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No. of Shares |
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Rajan Bagaria |
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799 |
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Kapil Bagaria |
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1 |
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Sangita Bijay Bagaria |
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1 |
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Ashutosh Bagaria |
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10 |
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Sangita Om Prakash Bagaria |
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2489 |
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Total |
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3300 |
As on 30.09.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Mica and Mica Products |
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Products : |
Processed
Mica - Mica Block
of all varities, Mica Condenser Films, Mica Book Form Splittings
Fabricated
Mica – Cut to
shape and size as per customers drawings for various types of Electronic
Components and Mica Stips for boilers, big size optically clear Mica Circle for
Radar and Telecommunication Industry
Manufactured
Mica – Mica
based products such as Mica Capacitor as per specifications, Micanite Sheets,
Mica Heating elements, Mica Paper, Heater Mica Plates, Mica Flakes, Mica
Powder
Mica
Scrap – Mica
SC rape from best mines |
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Exports : |
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Countries : |
USA, UK, Germany,
Russia, Japan, Korea, China, Taiwan, Holland, etc. |
GENERAL
INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M. L. Sahgal and Company Chartered Accountants |
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Address : |
5/1 A, Hungerford Street, First Floor, Kolkata – 700017, West Bengal,
India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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31030 |
Equity Shares |
Rs. 100/- each |
Rs. 3.103 Millions |
|
4550 |
Preference Shares |
Rs. 100/- each |
Rs. 0.455 Million |
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14420 |
Unclassified Shares |
Rs. 100/- each |
Rs. 1.442 Millions |
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Total |
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Rs. 5.000
Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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31030 |
Equity Shares |
Rs. 100/- each |
Rs. 3.103 Millions |
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3300 |
Preference Shares |
Rs. 100/- each |
Rs. 0.330
Million |
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Total |
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Rs. 3.433 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 |
3.433 |
3.433 |
3.433 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
34.518 |
33.620 |
32.760 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
37.951 |
37.053 |
36.193 |
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LOAN FUNDS |
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1] Secured Loans |
35.058 |
38.608 |
10.367 |
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2] Unsecured Loans |
2.351 |
2.820 |
2.267 |
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TOTAL BORROWING |
37.409 |
41.428 |
12.634 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.360 |
78.481 |
48.827 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.107 |
3.265 |
3.107 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.045 |
1.045 |
1.459 |
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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 |
31.101
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30.124 |
29.982 |
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Sundry Debtors |
30.559
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29.323 |
24.463 |
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Cash & Bank Balances |
21.926
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28.679 |
6.268 |
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Other Current Assets |
0.205
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0.176 |
0.217 |
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Loans & Advances |
8.994
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8.439 |
4.676 |
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Total
Current Assets |
92.785
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96.741 |
65.606 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
19.719
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21.230 |
20.485 |
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Provisions |
1.858
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1.340 |
0.860 |
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Total
Current Liabilities |
21.577
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22.570 |
21.345 |
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Net Current Assets |
71.208
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74.171 |
44.261 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
75.360 |
78.481 |
48.827 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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118.494 |
115.657 |
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Other Income |
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1.295 |
2.861 |
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Total Income |
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119.789 |
118.518 |
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Profit/(Loss) Before Tax |
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1.416 |
1.396 |
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Provision for Taxation |
|
0.518 |
0.536 |
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Profit/(Loss) After Tax |
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0.898 |
0.860 |
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Expenditure : |
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Financial Charges |
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3.351 |
1.923 |
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Change in Stock |
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0.044 |
0.174 |
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Depreciation |
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0.425 |
0.366 |
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Other Expenditure |
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114.553 |
114.659 |
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Total Expenditure |
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118.373 |
117.122 |
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 |
(%) |
0.75
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0.73 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
1.19
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1.20 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
1.47
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1.40 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.03 |
0.03 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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1.55
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1.72 |
0.94 |
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Current Ratio (Current Asset/Current Liability) |
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4.30
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4.28 |
3.07 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
Bankers Charges
Report as per Registry
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Name of the company |
RATAN MICA
EXPORTS PRIVATE LIMITED |
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Presented By |
Union Bank of India, Overseas Branch,
Kolkata |
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1) Date and description of instrument creating the change |
Composite
Hypothecation Deed dated 10.02.2006 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 34.500
Millions |
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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 by
way of first chare created on All the company’s
existing and future stocks of mica in all forms including hypothecation of
stock of mica meant of export and hypothecation of Goods meant for local
sale, stored / lying at the company’s factory premises / godowns at Court
Road, Giridih - 815301 wherever else
the same may be stored or lying or are in course of transit and hypothecation
by way of first charge on other assets including transit and hypothecation by
way of first charge on other assets including hypothecation of Export bills
covering export documents and also hypothecation of assets to be procured
under L/C. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Union Bank of
India, Overseas Branch, Kolkata has sanctioned and extended Credit facilities / limits amounting to Rs. 34.500
Millions with facility wise break up as under : FDBP/FUDBP [Under
L/C, ECGC Cover] Limit Rs. 13
Millions, Margin Nil, Interest @ 7 % p.a. at monthly rests Cash Credit Limit
Rs. 2.000 Millions, Margin 25 %, Interest @ BPLR + 1.75 % p.a. at monthly
rests. Import LC
[DP/DA] limit Rs. 3.000 Millions,
Margin 25 %, Interest Usual further rate of Interest and commission are
subject to the Bank’s credit fixed from time to time, RBI Directive and FEDAI
rules. The above Credit
facilities are interalia secured by stocks and other assets of the company as
mentioned in paragraph 3 and as per the agreement cited in paragraph 1 and
all other supporting security documents executed by the borrow company in
favour of the bank. The company further undertakes that it shall not do or
allow anything which may prejudice and security and shall comply with al the
terms and conditions of these agreements.
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5) Name and Address and description of the person entitled to the charge. |
Union Bank of
India, Overseas Branch, 9 India Exchange Place, Kolkata – 700001 |
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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 |
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
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80029791 |
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Corporate
identity number of the company |
U14293WB1975PTC030296 |
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Name of the
company |
RATAN MICA EXPORTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
East End Gardens, Block N, 11/11A, Mayfair Road, Kolkata – 700 019, West Bengal |
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Type of charge |
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Particular of
charge holder |
State Bank of India, Giridih Bazar Branch, Whitty Bazar, Giridih –
815301, Jharkhand, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
30.03.2007 |
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Amount secured by
the charge |
Rs. 46.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest CC [Stock] 2.00 %
above SBAR [Presently 12.25 %] minimum 14.25 % p.a. with monthly rest CC [EPC] 2.75 %
below SBAR [Presently 12.25 %] minimum 9.50 % p.a. with monthly rest CC [PSC] 2.75 %
below SBAR [Presently 12.25 %] minimum 9.50 % p.a. with monthly rest Terms of
Repayment Working capital
facility sanctioned for 12 months subject to review in six months and shall
be repayable on demand Margin Raw Materials 25
% Finished Goods 25
% Extent and
Operation of the charge First and full
charge Others Personal
guarantee of
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Short particulars
of the property charged |
Hypothecation of
Raw Materials, Stocks in process, Finished goods, Consumables and other
assets and Receivables Hypothecation of
entire Fixed Assets of the company and all the securities / assets available
both present and future Land and building
situated at a) Makatpur, Giridih represented by original sale deed no. 8770
dated 25.09.1978 in the name of company and land situated at Makatpur,
Giridih represented by Original sale deed No. 6083 dated 02.06.1987 in the
name of Mr. Ajay Bagaria |
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Particulars of
the present modification |
The Bank has
sanctioned additional limits of Cash Credit [Stock] Rs. 0.500 Million, Cash
Credit [EPC] Rs. 4.700 Million, Cash Credit [PSC] Rs. 3.300 Million, SBLC Rs.
1.500 Millions making a total limit of Rs. 46 Millions containing Cash Credit
[Stocks] Rs. 3.500 Millions, Cash Credit [EPC] Rs. 20.000 Millions, Cash
Credit [PSC] Rs. 15.000 Millions and SBLC Rs. 7.500 Millions (
Interchangeability of Rs. 7.500 Millions between Cash Credit [EPC] and Cash
Credit [PSC] and vice versa. |
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. 39.94 |
|
UK Pound |
1 |
Rs. 78.81 |
|
Euro |
1 |
Rs. 63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
8 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
|
63 |
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 |
|