MIRA
INFORM REPORT
|
Report Date : |
04.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
WHIRLER CENTRIFUGALS PRIVATE LIMITED |
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Registered Office : |
Plot No. 1213, Phase 3, GIDC Industrial Estate, Vatva, Ahmedabad –
382445, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
30.08.1990 |
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Com. Reg. No.: |
04-14284 |
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CIN No.: [Company
Identification No.] |
U29199GJ1990PTC014284 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMW00027G |
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PAN No.: [Permanent
Account No.] |
AAACW1729R |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Pharmaceutical Products. |
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 4000 |
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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 company having satisfactory track. Trade
relations are fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office / Factory : |
Plot No. 1213, Phase 3, GIDC Industrial Estate, Vatva, Ahmedabad –
382445, Gujarat, India |
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Tel. No.: |
91-79-25890021 / 25830442 |
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Fax No.: |
91-79-25830442 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Rahulkumar Pragibhai Patel |
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Designation : |
Director |
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Address : |
D-4, Soham Apartments, 42, Jagabhai Park, Maninagar, Ahmedabad –
380008, Gujarat, India |
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Name : |
Mr. Prakashkumar Kantilal Panchal |
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Designation : |
Director |
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Address : |
31, Hariom Nagar Society, Near Vaibhav Park, Ghodasar, Ahmedabad –
380050, Gujarat, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
|
No. of Shares |
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Rahulkumar Pragibhai Patel |
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96280 |
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Bharatkumar N. Patel |
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57000 |
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Prakashkumar Kantilal Panchal |
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15000 |
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Suhaskumar K Patel |
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36000 |
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Gulabsinh D Jadeja |
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20000 |
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Jashvantsinh Gohel |
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10000 |
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Shiviben N Patel |
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24000 |
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Madhubhai T Patel |
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42500 |
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Anilnhai M Chauhan |
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40000 |
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Narandas S Patel |
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40000 |
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Savitaben M Patel |
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35000 |
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Bharatbhai L Patel |
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10000 |
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K D Patel |
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15000 |
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Prafulben B Patel |
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10000 |
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Hansaben S Patel |
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10000 |
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Kuverben R Patel |
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10000 |
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Parvatiben Patel |
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10000 |
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Chandrahas P Patel |
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10000 |
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Nilamben C Patel |
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10000 |
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Shivbhadra G Jadeja |
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10000 |
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Vikramsinh G Jadeja |
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15000 |
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Urmilaben G Jadeja |
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10000 |
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Harendrasinh G Jadeja |
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10000 |
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Kantilal J Panchal |
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15000 |
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Manjulaben K Panchal |
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10000 |
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Ramaben R Patel |
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10000 |
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L G Patel |
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10000 |
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Total |
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590780 |
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Pharmaceutical Products. |
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Products : |
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GENERAL INFORMATION
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Parin P Shah and Company Chartered Accountants |
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Address : |
G-29, Vijay Plaza, Kankaria Road, Ahmedabad – 380022, Gujarat, India |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
300000 |
Equity Shares |
Rs. 10/-
each |
Rs. 3.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
59078 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.591
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.591 |
0.591 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.367 |
0.307 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.958 |
0.898 |
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LOAN FUNDS |
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1] Secured Loans |
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1.120 |
0.132 |
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2] Unsecured Loans |
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2.022 |
1.589 |
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TOTAL BORROWING |
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3.142 |
1.721 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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4.100 |
2.619 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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1.406 |
0.763 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.375 |
0.352 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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8.247 |
3.144 |
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Sundry Debtors |
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8.609 |
6.554 |
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Cash & Bank Balances |
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0.266 |
0.206 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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0.199 |
0.516 |
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Total
Current Assets |
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17.321 |
10.420 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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15.002 |
8.916 |
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Provisions |
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Total
Current Liabilities |
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15.002 |
8.916 |
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Net Current Assets |
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2.319 |
1.504 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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4.100 |
2.619 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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13.314 |
15.072 |
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Other Income |
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0.027 |
0.015 |
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Total Income |
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13.341 |
15.087 |
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Profit/(Loss) Before Tax |
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0.060 |
0.017 |
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Provision for Taxation |
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-- |
0.006 |
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Profit/(Loss) After Tax |
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0.060 |
0.011 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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[5.103] |
[0.533] |
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Interest |
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0.278 |
0.233 |
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Depreciation & Amortization |
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0.176 |
0.140 |
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Other Expenditure |
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17.930 |
15.230 |
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Total Expenditure |
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13.281 |
15.070 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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0.45 |
0.07 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.45 |
0.011 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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0.32 |
0.15 |
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Return on Investment (ROI) (PBT/Networth) |
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0.06 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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18.94 |
11.85 |
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Current Ratio (Current Asset/Current Liability) |
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1.15 |
1.17 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
WHIRLER
CENTRIFUGALS PRIVATE LIMITED |
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Presented By |
Mr. Rahulkumar
P. Patel |
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1) Date and description of instrument creating the change |
4th
January, 1993 Agreement for
Hypothecation of Goods |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1.000 Million
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
Stock of Raw
Materials, work in process and finished goods wherever situated. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
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5) Name and Address and description of the person entitled to the charge. |
Ahmedabad Mercantile Co-operative Bank, Mumtaj Mahel, Near Zakaria
Masjid, Relief Road, Ahmedabad - 380001 |
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6) Date and brief description of instrument modifying the charge |
Nil |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
Nil |
AS PER WEBSITE
PROFILE
The company has been established in 1988 by Shri Rahul P.
Patel, Mechanical Engineer of 1976 Batch. At present, they manufacture
following range of Industrial Centrifuges.
(1) Three Point Suspended – Manual Top Discharge (MTD) Centrifuges.
(2) Three Pont Suspended - Lifting out Filterbag (LB) Centrifuges.
(3) Three Point Suspended – Bottom Discharge (BD) Centrifuges.
(4) Horizontal Basket, Peeler Type (H) Centrifuges.
(5) Horizontal Basket, pusher type (P) Centrifuges.
(6) Top Suspended, Top driven, Bottom discharge (TSB) Sugar Centrifuges.
(7) Decanter type (D) Centrifuges.
(8) Reversing Filterbag type (INV) Centrifuges.
(9) Washing – in place type (WIP-MTD) Centrifuges.
(10) Nozzle type Liquid Separator (LSR) Centrifuges.
At Whirler the aim is to design & manufacture Centrifuges to suit exact
requirement of customer. Being precisely engineered and manufactured to
exacting industrial standard, WHIRLER, Centrifuges give long trouble free
operating life.
As a part of expansion of the range, WHIRLER has inducted
Mr. L. N. Valera – a Technocrat and having long experience in manufacturing and
marketing of Textile Processing Machinery, in their management cadre and
introduce following machineries to the Textile Industries.
High Temperature High Pressure Soft
/ Over Flow Dyeing Machine.
2. “U” Type Jet Dyeing Machine.
3. Felt type Compactor.
4. Balloon Padder.
5. Tubular Dryer.
6. Tumbler Dryer.
7. Tumbler Wash - Front Loading with Extract.
8. Tumbler Wash - Side Loading.
9. R.O. Plants for wastewater filtration.
10. Open Winch.
11. Jiggers.
The designs of all the above machines are one of the best in the field to day.
Perfectly designed & manufactured, these machines are defiantly much more
superior then the other machines at present available in the market.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.36 |
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UK Pound |
1 |
Rs.78.29 |
|
Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
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 |
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