MIRA
INFORM REPORT
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Report Date : |
09.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
VARMORA GRANITO PRIVATE LIMITED |
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Registered Office : |
8-A, National Highway At Dhuva, Tal Wankaner, District Rajkot –
363641, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
18.11.2003 |
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Com. Reg. No.: |
04-43194 |
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CIN No.: [Company
Identification No.] |
U26914GJ2003PTC043194 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Manufacturer and Exporter of Wall Tiles, Floor Tiles, Porcelain Tiles
and Vitrified Tiles. |
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 800000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory track.
Trade relations are fair. Business is active. No complaints have been heard. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Dilip Patel |
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Designation : |
Senior Accountants |
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Date : |
08.12.2008 |
LOCATIONS
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Registered Office / Works : |
8-A, National Highway At Dhuva, Tal Wankaner, District Rajkot –
363641, Gujarat |
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Tel. No.: |
91-2828-287558 / 287500/700 |
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Fax No.: |
91-2828-287500 / 287558 |
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E-Mail : |
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Website : |
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Area : |
2500 Sq.fts |
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Location : |
Owned |
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Corporate Office : |
8/9, Ground Floor, Building No.9, Laxmi Plaza, Laxmi
Industrial Estates |
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Tel. No.: |
91-22-26333233 / 26390011/12 |
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Fax No.: |
91-22-26373297 |
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E-Mail : |
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Branches : |
Located at : · Delhi · Mumbai |
Note :
Subject have sales
Depo at Hyderabad, Pune and Ghaziabad
DIRECTORS
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Name : |
Mr. Vallabhbhai Jivrajbhai Varmora |
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Designation : |
Director |
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Address : |
Jairaj Park, Ravapar Road, Morbi – 363641, Gujarat, India |
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Date of Birth/Age : |
01.06.1956 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Govindbhai Varmora |
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Designation : |
Director |
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Address : |
4, Shakti Plot, Ravapar Road, Morbi – 363641, Gujarat |
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Date of Birth/Age : |
18.04.1979 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Bhudarbhai Varmora |
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Designation : |
Director |
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Name : |
Mr. Ramanbhai Varmora |
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Designation : |
Director |
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Name : |
Mr. Jagdishbhai Varmora |
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Designation : |
Director |
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Name : |
Mr. Parshotambhai Varmora |
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Designation : |
Director |
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Address : |
Akshardham Apartment, Ravapar Road, Morbi – 363641, Gujarat |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Jagjivanbhai Ganeshbhai Patel |
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Designation : |
Director |
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Address : |
Avernew Park, Ravapar Road, Morbi – 363641, Gujarat, India |
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Date of Birth/Age : |
05.03.1961 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Bharatbhai Vallabhbhai Varmora |
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Designation : |
Director |
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Address : |
Jairaj Park, Ravapar Road, Morbi – 363641, Gujarat, India |
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Date of Birth/Age : |
10.12.1980 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Manojkumar Govindbhai Patel |
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Designation : |
Director |
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Address : |
4, Shakti Society, Ravapar Road, Morbi – 363641, Gujarat, India |
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Date of Birth/Age : |
18.04.1979 |
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Date of Appointment : |
18.11.2003 |
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Name : |
Mr. Pramod Patel |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Dilip Patel |
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Designation : |
Senior Accountants |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders (As On 20.09.2000) |
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No. of Shares |
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Mr. Vallabhbhai Jivrajbhai Patel |
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380700 |
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Mr. Pramodbhai Parshotambhai Patel |
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298200 |
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Mr. Jivrajbhai Shivabhai Patel |
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128300 |
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Mr. Bharatbhai Vallabhbhai Patel |
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242580 |
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Mr. Manojbhai Govindbhai Patel
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203100 |
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Mr. Govindbhai Ganeshbhai Patel |
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287300 |
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Mr. Vasantben Govindbhai Patel |
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245200 |
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Mrs. Kantaben Jagjivanbhai Varmora |
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87800 |
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Mr. Bhudarbhai Ganeshbhai Patel |
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141720 |
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Mrs. Jayaben Bhudarbhai Patel |
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259030 |
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Mrs. Jagrutiben Manojbhai Patel |
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133700 |
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Mrs. Shantaben Jivrajbhai Patel |
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227000 |
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Mrs. Ranjanben Vallabhbhai Patel |
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113300 |
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Mr. Ramanbhai Jivarajbhai Patel |
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116050 |
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Mrs. Bhavnaben Ramnabhai Patel |
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82700 |
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Mr. Bhaveshbhai Vallabhbhai
Patel |
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288500 |
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Others |
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5047920 |
List of Allotees
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Names of Allotees (As On
26.03.2007) |
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No. of Shares |
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Mr. Vallabhbhai Jivrajbhai Patel |
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160200 |
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Mr. Bharatbhai Vallabhbhai Patel |
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38200 |
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Mr. Jivrajbhai Shivabhai Patel |
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38300 |
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Mrs. Ranjanben Vallabhbhai Patel |
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47300 |
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Mr. Ramanbhai Jivarajbhai Patel |
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33600 |
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Mrs. Bhavnaben Ramnabhai Patel |
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14400 |
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Mr. Bhaveshbhai Vallabhbhai
Patel |
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30000 |
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Mr. Jagjivanbhai Ganeshbhai
Varmora |
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76800 |
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Mr. Manojbhai Govindbhai Patel
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37500 |
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Mr. Govindbhai Ganeshbhai Patel |
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38700 |
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Mr. Vasantben Govindbhai Patel |
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34800 |
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Mrs. Kantaben Jagjivanbhai Varmora |
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31000 |
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Mr. Bhudarbhai Ganeshbhai Patel |
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15400 |
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Mrs. Jayaben Bhudarbhai Patel |
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37700 |
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Mrs. Jagrutiben Manojbhai Patel |
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33200 |
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Mr. Ganeshbhai Shivabhai Patel |
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1100 |
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Mr. Govindbhai Ganeshbhai Patel (HUF) |
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7400 |
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Mr. Bhavinaben Hareshbhai Patel |
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46400 |
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Mr. Pramodbhai Parshotambhai Patel |
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113000 |
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Mr. Parshotambhai Jivarajbhai Patel |
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27000 |
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Mr. Naranbhai Hanshrajbhai Patel |
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35200 |
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Mrs. Kanchanben Naranbhai Patel |
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26100 |
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Mr. Adarsh Harilal Patel |
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8700 |
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Mr. Pravinbhai Narshibhai Patel |
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70000 |
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Mr. Bhudarbhai Ganeshbhai Patel
Partner of M/s Sunshine Ceramics |
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244200 |
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Mr. Govindbhai Patel Partner of M/s Jaysun Ceramics |
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250000 |
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Total
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1496200 |
AS ON 30.09.2008
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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 |
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Total
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Wall Tiles, Floor Tiles, Porcelain Tiles
and Vitrified Tiles. |
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Products : |
· Wall Tiles · Floor Tiles · Porcelain Tiles · Vitrified Tiles |
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Exports : |
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Countries : |
Taiwan, Tanzania, Kenya |
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Imports : |
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Countries : |
China, Italy |
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Terms : |
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Selling : |
Depends on Customer |
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Purchasing : |
Depends on Customer |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Builders, Dealers · Adiland Deal Ahmedabad · Ajman Enterprises Bangalore · Ajay Traders Guna · Akshar Builders Junagadh · Akshar Developer Navi Mumbai · Al Falah Trading Kasargod · Alide Tiles Junagadh · Amogh Cermaics And Granits Cemoga · Amogh Associates Private, Mumbai · Amrit Marbles Ranjganj · Asha Marketing Chennai · Ashish Developers, Mumbai · Darshan Hotel Limbdi · D R Tiles Agra · Decora Furniture Ahmedabad · Dhiraj Enterprises Wai |
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No. of Employees : |
170 |
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Bankers : |
· State bank of Saurashtra, Main Branch, Morbi, Morbi – 363641, Gujarat · HDFc bank · Punjab National Bank · The Co-operative Bank of Rajkot Limited |
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Facilities : |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
Nanalal P Hadial and Company Chartered Accountants |
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Address : |
1st Floor, Shakti Complex, Near Dr. Rupala Hospital, 16
Savsar Plot , Morbi – 363641, Gujarat, India
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Associates/Subsidiaries : |
· Sunhill Ceramics Address: 8-A, National
Highway At Dhuva, Tal Wankaner, District Rajkot – 363641, Gujarat Activity: Manufacturer
and Exporter of Wall Tiles, Floor Tiles, Porcelain Tiles and Vitrified Tiles. · Sunshine Ceramics · Jaison Ceramics |
CAPITAL STRUCTURE
AS ON 30.09.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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8700000 |
Equity Shares |
Rs. 10/- Each |
Rs. 87.000 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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8500000 |
Equity Shares |
Rs. 10/- Each |
Rs. 85.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
85.000 |
85.000 |
69.316 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
74.644 |
33.441 |
11.972 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
159.644 |
118.441 |
81.288 |
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LOAN FUNDS |
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1] Secured Loans |
283.057 |
279.634 |
180.597 |
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2] Unsecured Loans |
3.679 |
8.979 |
33.991 |
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TOTAL BORROWING |
286.736 |
288.613 |
214.588 |
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DEFERRED TAX LIABILITIES |
7.487 |
7.448 |
5.641 |
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TOTAL |
453.867 |
414.502 |
301.517 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
242.805 |
253.657 |
175.981 |
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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 |
72.305
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87.273 |
70.621 |
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Sundry Debtors |
100.330
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68.408 |
32.201 |
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Cash & Bank Balances |
30.819
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32.042 |
34.527 |
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Other Current Assets |
41.985
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27.748 |
0.000 |
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Loans & Advances |
51.550
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31.614 |
32.456 |
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Total
Current Assets |
296.989
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247.085 |
169.805 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
86.420
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87.018 |
45.333 |
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Provisions |
0.000
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0.000 |
0.000 |
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Total
Current Liabilities |
86.420
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87.018 |
45.333 |
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Net Current Assets |
210.569
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160.067 |
124.472 |
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MISCELLANEOUS EXPENSES |
0.493 |
0.778 |
1.064 |
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TOTAL |
453.867 |
414.502 |
301.517 |
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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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687.197 |
475.192 |
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Other Income |
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2.310 |
1.441 |
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Total Income |
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689.507 |
476.633 |
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Profit/(Loss) After Tax |
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41.203 |
21.469 |
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Expenditures : |
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Manufacturing Expenses |
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11.155 |
4.615 |
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Administrative Expenses |
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34.534 |
38.585 |
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Raw Material Consumed |
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153.408 |
171.117 |
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Consumption of stores and spares parts |
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77.375 |
40.981 |
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Salaries, Wages, Bonus, etc. |
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6.933 |
2.832 |
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Interest |
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30.889 |
20.945 |
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Financial Charges |
|
0.712 |
3.373 |
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Insurance Expenses |
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1.915 |
1.407 |
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Power & Fuel |
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225.030 |
171.291 |
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Other Expenditure |
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106.353 |
0.018 |
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Total Expenditure |
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648.304 |
455.164 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
5.97
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4.50 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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2.34
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3.17 |
3.19 |
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Current Ratio (Current Asset/Current Liability) |
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3.44
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2.84 |
3.75 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:-
· Reliance Engineering
· Omax Housing City
· Unitex Limited
Fixed assets:
· Factory Land
· Factory Building
· Plant And Machinery
· D G Set
· Electrifications
· Computer Purchase
· Air Conditioner
· E P E B X
· Office Furniture
· Fax/Printer Machine
· Gasifier Purchase
· Elentra Car Purchase
· Maruti Esteem Car
· Accent Viva Car
· Office Equipment
· Tvs Scooty
· Tractor Purchase
· Water Cooler
· Ahmedabad Office Furniture
· Verna (8348)Car
· Office Building
· Generator
· Computer
· Cycle
· AC
· Mobile A/C
· Skoda Car
· Verna (1680) Car
FORM 8:-
|
Corporate identity
number of the company |
U26914GJ2003PTC043194 |
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Name of the
company |
VARMORA GRANITO
PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
8-A, National Highway At Dhuva, Tal Wankaner, District Rajkot –
363641, Gujarat |
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This form is for |
Modification of
Charge |
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Type of charge |
· Immovable Property · Book Debts · Movable Property |
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Particular of
charge holder |
State Bank of Saurashtra,
Main Branch, Morbi – 363641, Gujarat, India E-Mail: regionr4@sbs.com |
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Nature of
instrument creating charge |
· Supplementary letter of Hypothecation against book debt / goods to secure a demand cash credit and other limits. · Confirmatory Letter. |
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Date of
instrument Creating the charge |
29.03.2007 |
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Amount secured by
the charge |
Rs. 506.600
millions |
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Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of interest:- 10.50% Terms of
repayment: Payable on demand
Margin: As Per Bank Rules Extent and
operation of the charge First Charge of
the Bank |
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Short particulars
of the property charged (Including location of the property) |
Hypothecation of all
movable properties such as products, stock in trade, all stock of raw
materials, Semi finished goods and finished goods of the borrowers and
immovable properties being factory land and building at S .No. 148/149, 8-A,
N. H. Vill, Dhuva Tal. Wankaner, District, Rajkot and Personal Properties of
promoter / Group more particularly described in copies of agreement
annexed. |
WEBSITE DETAILS:-
Company
Profile:
Subject has commissioned a fully automatic Italian plant
for manufacturing Wall Tiles, Floor Tiles, Porcelain Tiles and Vitrified Tiles.
The company offers a complete range of tile products using state-of-the-art
manufacturing facilities with re-assuring quality checks. Encouraged by
favorable market response to floor tiles, the company has now enhanced its
skill and technology at production and marketing of ceramic tiles.
Today, over a decade of valuable experience has enabled them to pioneer
within the industry to manufacture ceramic tiles in various designs and sizes
in the brand name 'Varmora', all over the world. Their aim is to provide good
quality and exquisite designs to their customers and thus, achieve customer
satisfaction, being their company's motto.
Subject is a company that has a decade of experience in the ceramic tile
business and has the largest capacity of approximately 35,000 sq. Meters per
day of wall, Floor and Vitrified Tiles.
Subject has total Italian (Sacmi) machinery and a
technical collaboration from Itaca Spain.
Management :-
Promotors: A
group of enterprising businessmen with keen interest and years of experience in
ceramics industry, came together and formed a company at Morbi city in the
state of Gujarat, India, to design and deliver ceramic tile to perfection.
Exports
They have
covered abroad market, they export at many part of the world like Middle East,
Nigeria, Kenya, Zimbabve, Srilanka , Singapore, Mauritius, Turkey etc. Subject
has made a dent in the export market thanks to their unrelenting quest for
quality in all its products. Varmora's products are now well accepted in the
international market.
Plant and Technology
Biggest Ball Mill
Ball mill is used to mix the different raw material to make the
homogenous slip for the spray drier.
The capacity of the ball mill is 32 tons raw material,16 tons of water, 45 tons
of 85%alumina peebles. The milling hour is 6 hours to give the homogenized
slurry for the spray drier.
Generally the
composition of the raw material is white fired ball clay(ukraine ball clay)
imported from Russia, quartz of 99% Silica, Potash feldspar of 12% to 14%
Alkalies, Soda feldspar of 12% to 14% alkalies, strengthening agent, china
clay, body stains imported from Itaca Spain.
They are having
total 6 Ball Mills, so the daily production of slurry is more than 300 tons.
Largest Roller Kiln
Kiln is generally used to vitrify the dried tile to give final size and
the fired properties like final shape, size, water absorption, less porosity,
color, stain resistance, fired strength.
The tiles are fired to 1200 Co with a soaking time of 8 min in 1200
Co.with 58 cycles, the production is around 8500 m2/day.
The Sacmi Kiln
is imported from Spain of 185 metre length with working area of 2.65 metre.
Polishing Line
Polishing machine makes the tiles completely
surface flat with glossines of greater than 75 gloss value.
The machine consists of pre squaring machine, calibrating machine of 12 heads
to make the surface completely flat, than passes to the polishing heads
consisting of 38 polishing heads to give the glossiness. Step by step reaching
final 75 gloss value, the tile than passes to final squaring and champering
machine to give the perfect squared tile with jointless laying.
The machine is
imported from Kexinda China consisting of pre squaring machine, calibrating
machine consisting of 12 heads, 38 polishing heads, final squaring machine. The
production of the machine is greater than 9500 m2 per day
Press
The main function of the Press is to give the shape of tile from the
granules.
The tile is compacted using ph 6200 hydraulic press with a specific
pressure of 360 kg/cm2. The green tile is passed through a 5 layer horizontal
to remove the residual moisture uniformly and also to give dry strength so the
tile is able to move in the glazing line.
The press is ph
6200 Sacmi Press imported from Spain and the no of cavity is 3 tiles the press
cycle is 6 cycle/min i.e 9500 m2 per day.
Products
Subject Tiles
are available in all possible designs like Regular Plain Color and Anti-Skid,
Regular Colour Print, Special Plain Colour, Sp. Plain Colour and Anti-Skid,
Regular Anti-Skid, Regular Plain Colour, Checkers Series, Arc Series, Glossy
Print, Wooden Print, Glossy Black Print, Super Special Colour Print, Regular
Print, Special Anti-Skid.
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.49.22 |
|
UK Pound |
1 |
Rs.75.03 |
|
Euro |
1 |
Rs.63.14 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
---- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|