MIRA
INFORM REPORT
|
Report Date : |
27.08.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SHAH PULP AND PAPER MILLS LIMITED |
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Registered Office : |
B/202, Angeline Apartments, 2nd Floor, JN of Old Police Station,
Vile Parle (West), Mumbai – 400056, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
05.11.1993 |
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Com. Reg. No.: |
11-74945 |
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CIN No.: [Company
Identification No.] |
U21010MH1993PLC074945 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMS18657C |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Subject is
engaged in exporting, importing, buying and selling of Texturised, Crimped,
Nylon Filament Yarn, Polyester Filament Yarn and other Synthetic Yarns. |
RATING &
COMMENTS
|
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 1300000 |
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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 satisfactory
track. Available information indicates satisfactory financial responsibility
of the company and its management. Trade relations are fair. Business is
active. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
B/202, Angeline Apartments, 2nd Floor, JN of Old Police
Station, Vile Parle (West), Mumbai – 400056, Maharashtra, India |
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Tel. No.: |
91-22-26161932/ 26174619 |
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Fax No.: |
91-22-26173673 |
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E-Mail : |
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Administrative Office : |
307, Raheja Chambers, 213, Nariman Point, Mumbai – 400021, Maharashtra, India |
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Tel. No.: |
91-22-22843315 / 22871249 / 22855512 |
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Fax No.: |
91-22-22873480 |
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E-Mail : |
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Corporate Office : |
1003, Raheja Chambers, 10th Floor, Free Press Journal Marg, Nariman Point, Mumbai-400 021, Maharashtra, India. |
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Tel. No.: |
91-22-22843315/22871249/22835703
/ 22025978 (Res.) /56981760 |
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Mobile No.: |
91-9820055590 |
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Fax No.: |
91-22-22873480 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Hirji Mahendra Shah |
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Designation : |
Managing Director |
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Address : |
610/H – II Chanod, GIDC, Vapi Valsad – 396195, Gujarat, India |
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Date of Birth/Age : |
16.05.1959 |
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Date of Appointment : |
05.11.1993 |
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Name : |
Mr. Keshavji Deepen Gosrani |
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Designation : |
Whole time Director |
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Address : |
A/601, Sitavihar Society, Near Samani Estate, Thane – 400602,
Maharashtra, India |
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Date of Birth/Age : |
08.01.1968 |
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Date of Appointment : |
16.01.1995 |
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Name : |
Mr. Khimji Amritlal Shah |
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Designation : |
Whole Time Director |
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Address : |
207 Residential Area, GIDC, Vapi Valasad – 396195, Gujarat, India |
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Date of Birth/Age : |
22.11.1944 |
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Date of Appointment : |
05.11.1993 |
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Name : |
Mr. Karamshi S. Shah |
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Designation : |
Director |
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Address : |
32, Bums Road, Alperton Wembley, Midx. UK |
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Date of Birth/Age : |
05.05.1947 |
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Date of Appointment : |
23.12.1997 |
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Name : |
Mr. Khetsi Mahesh Maru |
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Designation : |
Whole Time Director |
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Address : |
A/204, Suyog Mandir, Co-operative, Housing Soceity, Ram Mandir Road,
Bhabai, Borivali (West), Mumbai – 400092, India |
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Date of Birth/Age : |
24.06.1966 |
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Date of Appointment : |
12.06.1999 |
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Name : |
Mr. Girish S. Shetty |
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Designation : |
Director |
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Address : |
306, Rajlaxmi Co-op. Housing Society, Near Gunjan Cinema, GIDC, Vapi
Valsad – 396195, Gujarat, India |
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Date of Birth/Age : |
28.12.1973 |
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Date of Appointment : |
07.10.2002 |
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Name : |
Mr. Ashok Zaverchand Shah |
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Designation : |
Director |
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Address : |
9/89, New B Type GIDC, Vapi Valasad – 396195, Gujarat, India |
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Date of Birth/Age : |
25.09.1963 |
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Date of Appointment : |
17.09.2004 |
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Name : |
Mr. Animesh Suresh Nag |
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Designation : |
Director |
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Address : |
A-201, Nirmal Co-op, Housing Society, Chhawada Road, Near Haria
Hospital GIDC, Vapi, Valasad – 396195, Gujarat, India |
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Date of Birth/Age : |
01.09.1944 |
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Date of Appointment : |
31.05.2008 |
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Name : |
Mr. Hemant Gamanlal Modi |
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Designation : |
Director |
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Address : |
B/103, Amardham Apartment, Near Dreamland Theatre, Tithal Road,
Valasad – 396001, Gujarat, India |
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Date of Birth/Age : |
15.09.1963 |
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Date of Appointment : |
01.04.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Babulal Dwarkadas Shah |
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25000 |
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G. D. Cooper and Company Limited |
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12000 |
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Mahendra Hirji Shah |
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2304250 |
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Pravinchadra Shantilal Shah |
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1000000 |
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Pushpaben S. Shah |
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176150 |
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Rohit Plastopack Private Limited |
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1096000 |
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Shantilal K. Shah |
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1000000 |
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Shobhagchand Khimji Shah |
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180000 |
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Amritlal K. Shah |
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334450 |
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Ashok Z. Shah |
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233550 |
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G D Cooper and Company Limited |
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630000 |
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Hansaben Amritlal Shah |
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345700 |
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Mirji J. Shah |
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116600 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate (Not mention above) |
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21.19 |
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Directors or relatives of directors |
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78.81 |
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Total |
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100.00 |
BUSINESS DETAILS
|
Line of Business : |
Subject is
engaged in exporting, importing, buying and selling of Texturised, Crimped,
Nylon Filament Yarn, Polyester Filament Yarn and other Synthetic Yarns. |
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Products : |
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GENERAL
INFORMATION
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Bankers : |
Mumbai, Maharashtra, India
Kolkata, West Bengal, India
Bangalore, Karnataka, India
Mumbai, Maharashtra, India
Vapi Industrial Township Branch, Vapi,
Valasad – 396195, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Finance Institutions: |
SICOM Limited Nirmal 1st Floor, Nariman Point, Mumbai – 400021,
Maharashtra, India |
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Auditors : |
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Name : |
Nikhil
Gandhi and Company Chartered
Accountants |
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Address : |
303/304, Vyom Arcade, Tejpal Scheme Road No. 5, Vile Parle
(East), Mumbai – 400 057 |
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Tel No.: |
91-22-56981760 |
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Name : |
R. R. Muni and Company Chartered Accountant |
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Address : |
254/2544, Gokul, Building No.55, Gandhinagar, Bandra, Mumbai – 400051,
Maharashtra, India |
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Associates/Subsidiaries : |
307, Raheja Chambers, Nariman Point, Mumbai-400 021, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
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100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Total |
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Rs.110.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000000 |
Equity Shares |
Rs.10/- each |
Rs.100.000 Millions |
|
100000 |
Preference Shares |
Rs.100/- each |
Rs.10.000 Millions |
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Total |
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Rs.110.000
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 |
110.000 |
110.000 |
110.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
159.267 |
147.145 |
137.500 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
269.267 |
257.145 |
247.500 |
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LOAN FUNDS |
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1] Secured Loans |
136.333 |
128.537 |
153.600 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
136.333 |
128.537 |
153.600 |
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DEFERRED TAX LIABILITIES |
54.633 |
53.323 |
0.000 |
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TOTAL |
460.233 |
439.005 |
401.100 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
293.359 |
294.997 |
306.200 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.014 |
0.014 |
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 |
114.609
|
103.898 |
132.400 |
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Sundry Debtors |
110.952
|
108.835 |
100.100 |
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Cash & Bank Balances |
22.167
|
17.679 |
15.900 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
63.797
|
44.662 |
21.300 |
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Total
Current Assets |
311.525
|
275.074 |
269.700 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
149.242
|
136.389 |
177.900 |
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Provisions |
0.000
|
0.000 |
2.900 |
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Total
Current Liabilities |
149.242
|
136.389 |
180.800 |
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Net Current Assets |
162.283
|
138.685 |
88.900 |
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MISCELLANEOUS EXPENSES |
4.577 |
5.309 |
6.000 |
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TOTAL |
460.233 |
439.005 |
401.100 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
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Sales Turnover |
737.292 |
680.987 |
618.600 |
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Other Income |
2.356 |
1.613 |
1.000 |
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Total Income |
739.648 |
682.600 |
619.600 |
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Profit/(Loss) Before Tax |
22.961 |
17.145 |
21.600 |
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Provision for Taxation |
13.281 |
9.961 |
7.100 |
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Profit/(Loss) After Tax |
9.680 |
7.184 |
14.500 |
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Expenditures : |
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Raw Material Consumed |
474.430 |
424.533 |
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Purchases made for re-sale |
4.437 |
5.890 |
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Consumption of stores and spares parts |
18.731 |
18.042 |
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Increase/(Decrease) in Finished Goods |
(7.384) |
2.570 |
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Salaries, Wages, Bonus, etc. |
12.719 |
12.413 |
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Managerial Remuneration |
1.952 |
1.742 |
598.000 |
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Payment to Auditors |
0.323 |
0.263 |
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Interest |
17.296 |
15.588 |
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Insurance Expenses |
1.308 |
1.481 |
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Power & Fuel |
89.917 |
78.992 |
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Depreciation & Amortization |
18.115 |
17.676 |
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Other Expenditure |
84.843 |
86.264 |
|
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Total Expenditure |
716.687 |
665.455 |
598.000 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.33
|
1.05 |
2.34 |
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Net Profit Margin (PBT/Sales) |
(%) |
3.11
|
2.52 |
3.49 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.80
|
3.01 |
3.75 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
|
0.07 |
0.09 |
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Debt Equity Ratio (Total Liability/Networth) |
|
1.06
|
1.03 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.02 |
1.49 |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Ruchika Trading Company
- Bhavna Textiles
- S. K. Overseas Traders
- Arun Hi-tech Cargo Agents
Private Limited
- Chamundi Textiles
- Sehgal Zari & Company
- R K Impex
Fixed Assets:
- Computer
- Air conditioner
- Furniture & fixtures
- Motor car
- Xerox machine
- Electricity fittings
- EPABX telephone system
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.44.07 |
|
UK Pound |
1 |
Rs.81.26 |
|
Euro |
1 |
Rs.64.71 |
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 |
|