MIRA
INFORM REPORT
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Report Date : |
19.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
AKIN CHEMICALS PRIVATE LIMITED |
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Registered Office : |
Jash Chambers, 5th Floor, Sir P M Road, Fort, Mumbai – 400001,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
29.07.1997 |
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Com. Reg. No.: |
109677 |
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CIN No.: [Company
Identification No.] |
U51496MH1997PTC109677 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMA19270G |
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PAN No.: [Permanent
Account No.] |
AACCA4152E |
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Legal Form : |
Private limited Liability Company |
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Line of Business : |
Trader of Chemical and Solvents |
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 280000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed distributor of chemicals. Trade
relations are fair. General financial position is satisfactory. Payments are
usually correct and as per commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. Management could not be available during our few approaches. |
INFORMATION PARTED
BY
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Name : |
Mr. Dinesh Pandya |
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Designation : |
Accountant |
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Date : |
18.12.2008 |
LOCATIONS
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Registered Office : |
Jash Chambers, 5th Floor, Sir P M Road, Fort, Mumbai – 400001,
Maharashtra, India |
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Tel. No.: |
91-22-22660015 |
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Fax. No.: |
91-22-22660015 |
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E-Mail : |
om.bang@akinchemicals.com,
vishal.somani@akinchemicals.com,
info@akinchemicals.com |
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Website : |
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Area : |
3500 Sq. ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Rajesh Kumar Tapuriah |
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Designation : |
Director |
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Address : |
82 Sujata, Little Gibbs Road, Malabar Hill, Mumbai – 400006, India |
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Date of Birth/Age : |
06.01.1965 |
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Date of Appointment : |
01.07.1998 |
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Name : |
Mr. Dushyant M. Somani |
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Designation : |
Director |
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Name : |
Mrs. Sujata Parekh Kumar |
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Designation : |
Director |
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Address : |
21 Thakur Niwas, 173, J Tata Road, Mumbai – 400020, India |
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Date of Birth/Age : |
20.08.1959 |
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Date of Appointment : |
01.07.1998 |
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Name : |
Mr. Vishal Somani |
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Designation : |
Director |
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Address : |
72 Bhartiya Bhavan, Marine Drive, Mumbai – 400020, India |
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Date of Birth/Age : |
13.07.1976 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. M L Tapuriah |
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Designation : |
Director |
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Address : |
82 Sujata, Little Gibbs Road, Malabar Hill, Mumbai – 400006, India |
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Date of Birth/Age : |
30.06.1930 |
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Date of Appointment : |
23.04.2003 |
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Name : |
Mr. Sevantilal J Parekh |
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Designation : |
Director |
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Address : |
72 Bhartiya Bhavan, Marine Drive, Mumbai – 400020, India |
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Date of Birth/Age : |
21.07.1932 |
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Date of Appointment : |
23.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 22.09.2008)
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Names of Shareholders |
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No. of Shares |
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Mr. Sevantilal J Parekh |
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12400 |
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Mr. S N Somani |
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12500 |
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Mr. Vinodkumar Somani |
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9375 |
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Mr. Parekh S. Sarla |
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37450 |
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Mr. Ankit Somani |
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3750 |
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Mr. Sharad Somani |
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2523 |
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Mr. Dushyant Somani |
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5000 |
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Mr. Maheshkumar Somani |
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3800 |
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Mrs. Smita Tapuriah |
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15450 |
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Mrs. Indiradevi Tapuriah |
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2000 |
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Mr. Madanlal Tapuriah |
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5000 |
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Mr. Madanlal Tapuriah |
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5000 |
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Mrs. Manju Shree Somani |
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5610 |
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Mr. Vishal Somani |
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5621 |
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Mrs. Sujata Parekh |
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10085 |
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Mrs. Indiradevi Tapuriah |
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12520 |
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Mr. Rajesh Kumar Tapuriah |
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12400 |
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Mrs. Smita Tapuriah |
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5000 |
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Vaikunth Trading Company Private Limited |
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22500 |
(As on 31.03.2008)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Chemical and Solvents |
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Products : |
Chemicals |
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Imports : |
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Countries : |
Malaysia, European Countries and China |
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Terms : |
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Selling : |
L/C and Credit (30-90 days) |
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Purchasing : |
L/C and Credit (30-60 days) |
GENERAL
INFORMATION
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Customers : |
· Wholesalers · End Users |
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No. of Employees : |
25 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
S. G. Kabra and Company Chartered Accountant |
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Address : |
Wavell House, 1st Floor, 1st Dhobi Talao Lane,
Mumbai – 400002, Maharashtra, India |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity Shares |
Rs.10/- each |
Rs.2.000 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 |
2.000 |
2.000 |
2.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
55.315 |
37.096 |
22.782 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
57.315 |
39.096 |
24.782 |
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LOAN FUNDS |
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1] Secured Loans |
3.416 |
2.043 |
1.074 |
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2] Unsecured Loans |
65.656 |
49.485 |
49.012 |
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TOTAL BORROWING |
69.072 |
51.528 |
50.086 |
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DEFERRED TAX LIABILITIES |
0.103 |
0.131 |
0.003 |
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TOTAL |
126.490 |
90.755 |
74.871 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
14.075 |
12.838 |
8.685 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.071 |
0.072 |
0.072 |
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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 |
30.068
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28.130
|
29.677 |
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Sundry Debtors |
196.408
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134.256
|
146.723 |
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Cash & Bank Balances |
32.301
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31.942
|
24.188 |
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Other Current Assets |
0.000
|
14.265
|
12.596 |
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Loans & Advances |
24.563
|
0.700
|
0.700 |
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Total
Current Assets |
283.340
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209.293
|
213.884 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
170.998
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119.148
|
139.079 |
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Provisions |
0.000
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12.305
|
8.698 |
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Total
Current Liabilities |
170.998
|
131.453
|
147.777 |
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Net Current Assets |
112.342
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77.840
|
66.107 |
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MISCELLANEOUS EXPENSES |
0.002 |
0.005 |
0.007 |
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TOTAL |
126.490 |
90.755 |
74.871 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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1052.103 |
1084.982 |
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Other Income |
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18.653 |
31.163 |
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Total Income |
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1070.756 |
1116.145 |
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Profit/(Loss) Before Tax |
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28.750 |
22.732 |
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Provision for Taxation |
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9.856 |
7.607 |
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Profit/(Loss) After Tax |
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18.894 |
15.125 |
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Earnings in Foreign Currency : |
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Export Earnings |
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5.774 |
5.681 |
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Total Earnings |
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5.774 |
5.681 |
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Imports : |
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Raw Materials |
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638.400 |
505.700 |
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Stores & Spares |
|
0.464 |
0.531 |
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Total Imports |
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638.864 |
506.231 |
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Expenditures : |
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Cost of Goods Sold |
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997.220 |
1047.613 |
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Financial Expenses |
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15.351 |
14.906 |
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Administrative Expenses |
|
18.183 |
20.932 |
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Depreciation & Amortization |
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1.991 |
1.354 |
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Other Expenditure |
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9.261 |
8.608 |
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Total Expenditure |
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1042.006 |
1093.413 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.76
|
1.35 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
2.73
|
2.09 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
9.66
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10.23 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.50
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0.58 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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4.18
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4.68 |
7.98 |
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Current Ratio (Current Asset/Current Liability) |
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1.65
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1.59 |
1.44 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Corporate
identity number (CIN) Foreign company registration number |
U51496MH1997PTC109677 |
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Name of the Company
|
AKIN CHEMICALS PRIVATE LIMITED |
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Address |
Jash Chambers, 5th Floor, Sir P M Road, Fort, Mumbai –
400001, Maharashtra, India |
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This form is for |
Modification of Charge |
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Type of Charge |
Book Debts Movable Property
(Not being Pledge) Floating Charge |
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Particulars of
the charge holder |
The saraswat
Co-op Bank Limited Fort Branch,
Fort, Mumbai – 400001, Maharashtra, India |
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Nature or description
of the instrument(s) creating or modifying the charge |
Deed of
Hypothecation Additional Advance |
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Date of the
instrument creating or modifying the charge |
16.02.2008 |
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Amount secured by
the charge |
Rs.10.000
Millions |
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Brief particulars
of the principal terms and conditions and extent and operation of the charge |
Rate of
Interests: 13.5% or at such rate as may be determined by the bank from time
to time Terms of
Repayment:- On demand Margin: As determined by
the bank from time to time Extent and
operation of the charge: This is Cash
Credit Limit |
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Short particulars
of the property charged (including location of the property) |
Hypothecation of
all the stocks tangible movable property (both present and future) at the
borrower place of business at Jash Chambers Mumbai or Whereveelse the same
may be kept. Hypothecation of all Book Debts, Outstanding, Monies receivable,
Claims and Bills. |
Trade References
- Ranbaxy
- Arbindo Pharma Limited
Fixed Assets
- Office Premises
- Computer
- Motorcar
- Furniture and Fixture
- Fax Machine
- Xerox Machine
- Mobile Instruments
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 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.47.28 |
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UK Pound |
1 |
Rs.73.43 |
|
Euro |
1 |
Rs.68.22 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
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 |
|