MIRA
INFORM REPORT
|
Report Date : |
09.02.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SINCERE MERCANTILE PRIVATE LIMITED |
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Registered Office : |
Office No. 502, 5th Floor, Saileela Building, Near Rasoi Hotel,
Opp. Dharamst Bhatia Hall, S V Road, Borivali (West), Mumbai – 400092,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.03.1994 |
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Com. Reg. No.: |
077079 |
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CIN No.: [Company
Identification No.] |
U51900MH1994PTC077079 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
To carry on the business as general merchants, traders and dealers in
goods commodities and merchandise. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an old and established company having moderate track. Company’s
profitability is under severe pressure. It has huge accumulated losses.
Payments are reported as slow and delayed. The company can be considered for any business dealings on fully safe
and secured trade terms and conditions, only. |
LOCATIONS
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Registered Office : |
Office No. 502, 5th Floor, Saileela Building, Near Rasoi
Hotel, Opp. Dharamst Bhatia Hall, S V Road, Borivali (West), Mumbai – 400092,
Maharashtra, India |
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Tel. No.: |
91-22-28650919/28610393 |
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E-Mail : |
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Corporate Office 1 : |
3/f 18, 1st Floor, Kala C H S Limited, Kher Nagar, Bandra(E),
Mumbai – 400051, Maharashtra, India |
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Tel. No.: |
91-22-26580757 |
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Fax No.: |
91-22-26471347 |
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Corporate Office 2 : |
Block No.9, 2nd Floor, Jalaram Vihar, Ganjawal Lane,
Borivali (E), Mumbai – 400092, Maharashtra, India |
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Email : |
DIRECTORS
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Name : |
Mr. Nawalkishore V. Tekriwal |
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Designation : |
Director |
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Address : |
5/100 Samta Nagar, Kandivali (East), Mumbai – 400101, Maharashtra, India |
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Date of Birth/Age : |
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Date of Ceasing : |
18.06.1994 |
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Date of Appointment : |
15.03.1994 |
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Name : |
Mr. Satishchandra V. Tekriwal |
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Designation : |
Director |
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Address : |
5/100 Samta Nagar, Kandivali (East), Mumbai – 400101, Maharashtra,
India |
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Date of Birth/Age : |
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Date of Ceasing : |
18.06.1994 |
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Date of Appointment : |
20.06.1994 |
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Name : |
Mr. Samuel T. Miranda |
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Designation : |
Director |
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Address : |
C Wing, 203, Divine Home Colony, Mandepeshwar Road, Borivali (West),
Mumbai – 400092, Maharashtra, India |
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Date of Birth/Age : |
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Date of Ceasing : |
18.03.1994 |
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Date of Appointment : |
01.04.1997 |
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Name : |
Mr. Khandu S. Sandbhor |
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Designation : |
Director |
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Address : |
301, A Satya Sangam Shivaji Nagar, L B S Marg, Near Mulund Cheknaka,
Thane – 400604, Maharashtra, India |
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Date of Birth/Age : |
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Date of Ceasing : |
18.03.1994 |
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Date of Appointment : |
20.02.1998 |
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Name : |
Mr. Prakash P. Tulaskar |
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Designation : |
Director |
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Address : |
Kranti Chowk, Gandhi Nagar, E Ward, Jogeshwari (East), Mumbai –
400060, Maharashtra, India |
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Date of Birth/Age : |
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Date of Ceasing : |
01.11.1997 |
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Date of Appointment : |
01.01.2001 |
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Name : |
Mr. Sharad B. Somani |
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Designation : |
Director |
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Address : |
23/734, 3rd Floor, Samadhan C. H. S. Limited, Shastri
Nagar, Goregaon (West), Mumbai – 400104, Maharashtra, India |
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Date of Birth/Age : |
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Date of Ceasing : |
01.04.2002 |
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Date of Appointment : |
16.10.1999 |
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Name : |
Mr. Ashok N. Kotkar |
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Designation : |
Director |
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Address : |
1/17, Sardar Nagar, No.-1, Koliwada, Mumbai – 400022, Maharashtra,
India |
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Date of Birth/Age : |
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Date of Ceasing : |
01.11.2004 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Sachin Murlidhar Todankar |
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Designation : |
Director |
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Address : |
C/22, Silver Apartments, Near Siddhivinayak Temple, Dadar, Mumbai –
400028, Maharashtra, India |
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Date of Birth/Age : |
26.06.1968 |
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Date of Appointment : |
01.01.1997 |
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Name : |
Mr. Yashvant M. Chavan |
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Designation : |
Director |
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Address : |
B-103, Poonam Empire, Sri Prastha, Nalasopara (West), Taluka- Vasai,
District – Thane – 401203, India |
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Date of Birth/Age : |
28.04.1965 |
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Date of Appointment : |
01.01.2001 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sachin M. Todankar |
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400 |
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Mr. Yashvant M. Chavan |
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904 |
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Total |
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1304 |
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Category |
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Percentage |
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Director or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
To carry on the business as general merchants, traders and dealers in
goods commodities and merchandise. |
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Products : |
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GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
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Bankers : |
10/10 MMM Marg,
Lucknow – 226001, India
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Banking
Relations : |
- |
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Auditors : |
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Name : |
P Parekh and Associates Chartered Accountant |
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Address : |
Manekji Wadia Building, 4th Floor, 127 M G Road, Mumbai –
400023, Maharashtra, India |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.100/- each |
Rs.5.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1300 |
Equity Share |
Rs.100/-
each |
Rs.0.130
Million |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.130 |
0.130 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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(68.780) |
(37.576) |
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NETWORTH |
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(68.650) |
(37.449) |
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LOAN FUNDS |
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1] Secured Loans |
|
105.267 |
118.012 |
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2] Unsecured Loans |
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0.000 |
57.884 |
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TOTAL BORROWING |
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105.267 |
175.896 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.020 |
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TOTAL |
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36.617 |
138.467 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.130 |
0.211 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
|
42.649 |
46.959 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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116.025 |
35.656 |
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Sundry Debtors |
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82.424 |
13.132 |
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Cash & Bank Balances |
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6.160 |
0.303 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
179.119 |
140.257 |
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Total
Current Assets |
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383.728 |
189.348 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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388.662 |
96.846 |
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Provisions |
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1.228 |
1.205 |
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Total
Current Liabilities |
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389.890 |
98.051 |
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Net Current Assets |
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(6.162) |
91.297 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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36.617 |
138.467 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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258.578 |
382.065 |
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Other Income |
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0.000 |
0.000 |
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Total Income |
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258.578 |
382.065 |
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Profit/(Loss) Before Tax |
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(31.201) |
(38.838) |
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Provision for Taxation |
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0.000 |
0.000 |
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Profit/(Loss) After Tax |
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(31.201) |
(38.838) |
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Export Value |
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N.A. |
N.A. |
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Import Value |
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N.A. |
N.A. |
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Expenditures : |
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Interest |
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16.236 |
6.149 |
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Depreciation & Amortization |
|
0.047 |
0.066 |
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Other Expenditure |
|
273.496 |
414.688 |
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Total Expenditure |
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289.779 |
420.903 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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(12.07) |
(10.16) |
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Net Profit Margin (PBT/Sales) |
(%) |
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(12.07) |
(10.16) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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(8.13) |
(20.49) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.45) |
(1.04) |
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Debt Equity Ratio (Total Liability/Networth) |
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(7.21) |
(7.31) |
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Current Ratio (Current Asset/Current Liability) |
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0.98 |
1.93 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
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Name of the company |
SINCERE
MERCANTILE PRIVATE LIMITED |
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Presented By |
Mr. Yashwant M. Chavan, Director |
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1) Date and description of instrument creating the change |
29.07.2003 Deed
of Hypothecation executed by the company in favour of small industries
development Bank of India (hereinafter referred to as SIDBI). A certified copy
of the said deed of hypothecation is enclosed. |
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2) Amount secured by the charge/amount owing on the securities of charge |
A limit of
Rs.75.000 Millions sanctioned under direct discounting of bills scheme
together with interest, further interest, costs, chargers expenses and all
other monies payable by the company to SIDBI under the letter of sanction
issued by SIDBI to the company which has been duly accepted by the company
(hereinafter referred to as The Agreement). |
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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 |
Whole Movable
Properties of the company including its movables, plant, machinery, machinery
spares, tools and accessories, office equipments, computers, furniture’s,
book debts and fixture, both present and future, whether installed or not and
whether now lying or stored in or about or shall hereafter from time to time
during the continuance of the security be brought into or upon or be stored
or be in or about the company’s premises, factory, showroom and godowns or
wherever else the same may be or held by any party to the order or deposition
of the company or in the course of transit or on high seas or on order, or
delivery, howsoever and whosesoever
in the possession of the company and either by way of substitution or
addition. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The charges
operates as a first charge to secure the due payments and discharge by the
company to SIDBI of the outstanding amount due under the aforesaid limit of
Rs.75.000 Millions sanctioned under direct Discounting of Bills Scheme
together with interest, penal interest, Costs, charges, expenses and all
other monies payable by the company to SIDBI under the said agreement. The company has
undertaken to keep the hypothecated goods in marketable and good condition at
its own costs and to insure the same in the joint names of the company and
SIDBI. All the goods
hypothecated and all realizations and insurance proceeds there of and all
documents in respect of the said security are to be kept distinguishable and
held as the exclusive property of SIDBI. The security
created under the said Deed of Hypothecation is to be a continuing security. |
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5) Name and Address and description of the person entitled to the charge. |
Small Industries
Development Bank of India 10/10 MMM Marg,
Lucknow – 226001, India |
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6) Date and brief description of instrument modifying the charge |
N.A. |
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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. |
N.A. |
Fixed Assets:
- Furniture and Fixture
- Computers
- Office Equipments
- Vehicles
- Software
- Computer and Accessories
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.39.55 |
|
UK Pound |
1 |
Rs.76.85 |
|
Euro |
1 |
Rs.57.27 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
1 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
|
--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
NO |
|
TOTAL |
|
14 |
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 |
|