MIRA
INFORM REPORT
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Report Date : |
11.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
FIRESTONE INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
1110, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.04.2004 |
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Com. Reg. No.: |
11-145478 |
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CIN No.: [Company
Identification No.] |
U51909MH2004PTC145478 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMF03569G |
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PAN No.: [Permanent
Account No.] |
AAACF7931L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Gold and Diamond Jewelry |
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 7700000 |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established 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. Alpesh Kododia |
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Designation : |
Accountant |
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Date : |
10.12.2008 |
LOCATIONS
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Registered Office : |
1110, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Tel. No.: |
91-22-30019000/2132 |
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Fax No.: |
91-22-23636888 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Popular House, Plot No. 119, Road No. 18, Midc, Andheri (east),
Mumbai, Maharashtra |
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Tel. No.: |
91-22-66921422 |
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Fax No.: |
91-22-66410550 |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Nirav Deepak Modi |
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Designation : |
Director |
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Address : |
4, Groseenor House, 2nd Floor, Pedder Road, Mumbai –
400023, Maharashtra |
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Date of Birth/Age : |
27.02.1971 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Hemant Dahyalal |
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Designation : |
Director |
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Address : |
C – 36, Poddar Apartment, S V Road, Kandivali (West), Mumbai – 400067,
Maharashtra |
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Date of Birth/Age : |
12.04.1954 |
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Date of Appointment : |
01.04.2004 |
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Name : |
Mr. Girish Chandra Trivedi |
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Designation : |
Director |
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Address : |
No. 138/B/2, Pla Yogita Park, Aundh, Pune – 411007, Maharashtra |
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Date of Birth/Age : |
03.09.1944 |
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Date of Appointment : |
24.03.2008 |
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Name : |
Mr. Mihir Rashmi Bhansali |
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Designation : |
Director |
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Address : |
211, Casablanca Cuffe Parade, Coloba, Mumbai – 400005, Maharashtra |
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Date of Birth/Age : |
15.11.1977 |
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Date of Appointment : |
05.03.2008 |
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Name : |
Mr. Raghuraman Krishna Iyer |
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Designation : |
Director |
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Address : |
F. No. H 3/6, Jalpadma Chs, Bangur Nagar, Goregaon (West), Mumbai –
400090, Maharashtra |
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Date of Birth/Age : |
19.10.1962 |
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Date of Appointment : |
24.03.2008 |
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Name : |
Mr. Sreekanth Narayan Iyer |
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Designation : |
Director |
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Address : |
F. No. C 403, Block 36, New Mahda Colony, Goregaon (East), Mumbai –
400097, Maharashtra |
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Date of Birth/Age : |
30.01.1968 |
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Date of Appointment : |
09.10.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
AS ON 28.06.2008
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Names of Shareholders |
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No. of Shares |
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Mr. Nirav Deepak Modi |
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14083988 |
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M/s. Firestone Trading Private Limited |
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3405977 |
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M/s. Neeshal Trading Private Limited |
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533891 |
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M/s. Paragon Enterprises Private Limited |
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100286 |
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M/s. Paragon Diamond Private Limited |
|
100286 |
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M/s. NDM Enterprises Private Limited |
|
100286 |
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M/s. ANM Enterprises Private Limited |
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100286 |
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M/s. Star Diamond Group |
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176667 |
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M/s. Neeshal Enterprises Private Limited |
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840000 |
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M/s. Paragaon Merchandising Private Limited |
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595000 |
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M/s. Paragaon Jewelry Private Limited |
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130000 |
AS ON 31.03.2008
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
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1.00 |
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Bodies corporate |
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29.00 |
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Directors or relatives of directors |
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70.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Gold and Diamond Jewelry |
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Exports : |
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Products : |
Gold Diamond Jewelry |
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Countries : |
Japan, Korea and European country |
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Imports : |
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Products : |
Rough Diamond |
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Countries : |
Belgium |
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Terms : |
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Selling : |
L/C and Credit (60 to 90 days) |
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Purchasing : |
L/C and Credit (90 days) |
GENERAL
INFORMATION
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No. of Employees : |
300 |
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Bankers : |
Oriental Bank of Commerce, Shreejee Chambers, Tata Road No. 2, Opera
House, Mumbai – 400004, Maharashtra |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S R Batlinoi and Company Chartered Accountant |
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Address : |
6th Floor, Express Tower, Nariman Point, Mumbai – 400021,
Maharashtra |
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Associates/Subsidiaries : |
Fireston Diamond Private Limited Address – Surat, Gujarat Line of Business - Manufacturer and Exporter of Gold Diamond
Jewelry |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
32,000,000 |
Equity Shares |
Rs. 10/- Each |
Rs. 320.000
Millions |
|
3,000,000 |
4% Non Participating, Non Cumulative Redeemable |
Rs. 10/- Each |
Rs. 30.00
Millions |
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Total |
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Rs.
350.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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20,166,667 |
Equity Shares |
Rs. 10/- Each |
Rs. 201.666 Millions |
|
916,873 |
4% Non Participating, Non Cumulative Redeemable |
Rs. 10/- Each |
Rs. 9.168 Millions |
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Total |
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Rs. 210.835 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
210.835 |
175.835 |
176.507 |
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2] Share Application Money |
0.000 |
35.000 |
0.000 |
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3] Reserves & Surplus |
1335.373 |
1124.130 |
680.535 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1546.208 |
1334.965 |
857.042 |
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LOAN FUNDS |
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1] Secured Loans |
4063.972 |
3590.085 |
2255.562 |
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2] Unsecured Loans |
457.823 |
389.827 |
217.756 |
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TOTAL BORROWING |
4521.795 |
3979.912 |
2473.318 |
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DEFERRED TAX LIABILITIES |
3.391 |
3.532 |
2.418 |
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TOTAL |
6071.394 |
5318.409 |
3332.778 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
119.204 |
114.182 |
79.703 |
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Capital work-in-progress |
12.418 |
2.119 |
31.643 |
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INVESTMENT |
500.965 |
188.055 |
154.686 |
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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 |
1277.278
|
1142.234 |
1082.921 |
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Sundry Debtors |
3601.597
|
3173.414 |
1995.491 |
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Cash & Bank Balances |
354.150
|
612.749 |
188.896 |
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Other Current Assets |
73.583
|
17.925 |
5.473 |
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Loans & Advances |
503.012
|
464.546 |
107.872 |
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Total
Current Assets |
5809.620
|
5410.868 |
3380.653 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
363.221
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390.333 |
312.621 |
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Provisions |
7.592
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6.482 |
1.286 |
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Total
Current Liabilities |
370.813
|
396.815 |
313.907 |
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Net Current Assets |
5438.807
|
5014.053 |
3066.746 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
6071.394 |
5318.409 |
3332.778 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
9378.200 |
8415.766 |
5355.455 |
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Other Income |
0.000 |
11.660 |
4.070 |
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Total Income |
9378.200 |
8427.426 |
5359.525 |
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Profit/(Loss) Before Tax |
254.000 |
310.500 |
217.668 |
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Provision for Taxation |
(42.800) |
(6.200) |
2.557 |
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Profit/(Loss) After Tax |
211.200 |
304.300 |
215.111 |
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Expenditures : |
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Cost of Goods Sold |
0.000 |
218.750 |
117.192 |
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Manufacturing Expenses |
0.000 |
162.582 |
105.687 |
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Administrative Expenses |
0.000 |
204.815 |
131.559 |
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Raw Material Consumed |
0.000 |
7510.034 |
4774.071 |
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Depreciation & Amortization |
0.000 |
20.745 |
13.348 |
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Other Expenditure |
9124.200 |
0.000 |
0.000 |
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Total Expenditure |
9124.200 |
8116.926 |
5141.857 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
2.25
|
3.61 |
4.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.70
|
3.68 |
4.06 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
4.28
|
5.61 |
6.29 |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
|
0.23 |
0.25 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16
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3.27 |
3.25 |
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Current Ratio (Current Asset/Current Liability) |
|
15.66
|
13.63 |
10.76 |
LOCAL AGENCY FURTHER
INFORMATION
Fixed assets
- Software
- Building
- Lease Hold
Improvements
- Plant and
Machinery
- Computer
Hardware
- Vehicles
- Furniture and
Fixtures
- Equipments
- Motor Boat
Form 8
|
This form is for |
Creation of
charge |
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Corporate identity
number of the company |
U51909MH2004PTC145478 |
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Name of the
company |
FIRESTONE INTERNATIONAL PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
1110, Prasad Chambers, Opera House, Mumbai – 400004, Maharashtra |
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Type of charge |
Book Debts Movable Property |
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Particular of
charge holder |
Oriental Bank of Commerce, Shreejee Chambers, Tata Road No. 2, Opera
House, Mumbai – 400004, Maharashtra |
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Nature of
description of the instrument creating or modifying the charge |
Agreement of
hypothecation of assets |
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Date of
instrument Creating the charge |
23.09.2008 |
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Amount secured by
the charge |
Rs. 240.000
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
– Int @ 2.5% over PLT wth a minimum of 11.50% or such other rate as may be
prescribed by the bank from time to time Terms of
Repayment - As may be prescribed by
the bank Margin – 10% Extent and
Operation of the charge – Security to secure packing credit limit/FDBP/FUDBP
limit Rs. 240.000 Millions. PC fully interchangeable with post shipment
facility |
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Short particulars
of the property charged |
Hypotheation of
stocks of rough, semi finished and finished diamonds, jewellery etc. Meant
for export bills sent through bank. Foreign documentary demand/ Usance bills
of exchange being usance of 180 days evidencing export of diamonds, jewellery
accompanied by airway biils/ bill of lading
|
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.48.52 |
|
UK Pound |
1 |
Rs.72.62 |
|
Euro |
1 |
Rs.63.76 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
53 |
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 |
|