MIRA
INFORM REPORT
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Report Date : |
30.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
SMT MACHINES INDIA LIMITED |
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Registered Office : |
Motia Khanmandi Gobindgarh,
Fatehgarh Sahib, Mandi Gobindgarh – 147301, Punjab |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
02.06.1992 |
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Com. Reg. No.: |
16-12340 |
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CIN No.: [Company
Identification No.] |
U29219PB1992PLC012340 |
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IEC No.: |
3097000046 |
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PAN No. : |
AADCS2665R |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Hol Rolling Mill Plant |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 130000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow and Delayed |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profit margin
is under severe presure. Its’s payments are reported as slow and delayed. The company has substantial accumulated losses. However, the company can be regarded for small to mediocre business
dealings at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Dr. Sharma |
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Designation : |
Purchase Manager |
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Contact No.: |
91-9357411003 |
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Date : |
25.06.2008 |
LOCATIONS
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Registered Office : |
Motia Khanmandi
Gobindgarh, Fatehgarh Sahib, Mandi Gobindgarh – 147301, Punjab, India |
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Tel. No.: |
91-1765-557742 |
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E-Mail : |
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Website : |
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Area : |
5400 sq ft (Owned) |
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Factory : |
P O Box 71, GT Road, Near Focal, Mandi Gobindgarth-147301, Punjab,
India |
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Tel. No.: |
91-1765-256337 / 257742 |
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Mobile No.: |
91-9814087409/ 9357087409 |
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Fax No. : |
91-1765-255199 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Surender Mittal |
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Designation : |
Managing Director |
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Date of Birth/Age : |
52 Years |
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Qualification : |
H.S.C |
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Name : |
Mr. Aman Mittal |
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Designation : |
Director |
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Date of Birth/Age : |
24 Years |
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Qualification : |
MBA |
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Name : |
Mrs. Laxmi Mittal |
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Designation : |
Director |
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Qualification : |
46 Years |
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Experience : |
H.S.C |
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Name : |
Mr. Raman Mittal |
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Designation : |
Director |
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Date of Birth/Age : |
21 Years |
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Qualification : |
B.Com |
KEY EXECUTIVES
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Name : |
Dr. Sharma |
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Designation : |
Purchase Manager |
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Mobile No. : |
91-9357411003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
|
Names of Shareholders |
|
No. of Shares |
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Surender Kumar Mittal |
|
449250 |
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Jai Prakrash Goyal |
|
1000 |
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Surender Kumar Mitta (HUF) |
|
4000 |
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Anita Goyal |
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1000 |
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Laxmi Mittal |
|
93600 |
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Sanjeev Kumar Singla |
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50 |
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Ghai Cementia |
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50 |
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Aman Mittal |
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5000 |
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Raman Mittal |
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1600 |
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Eshani Mittal |
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2900 |
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Balwinder Singh |
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1000 |
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Pawan Kumar |
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1000 |
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Rajeev Kumar |
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1000 |
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Dalwara Singh |
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1000 |
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Prakash Singh |
|
800 |
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Harish Kumar |
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1000 |
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Kuldip Singh |
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1000 |
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Rajinder Kumar Jain |
|
900 |
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Sukhdev Singh |
|
650 |
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SMT Machines Private Limited |
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464750 |
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Total |
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1031550 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2007
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Category |
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Percentage |
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Bodies Corporate (not mentioned above) |
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45.05 |
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Directors or relatives of directors |
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54.95 |
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Total |
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1000.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Trader, Exporter and Importer of Hol Rolling Mill Plant |
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Products : |
v Alligator Shearing Machies v Bloom Cutting v Shearing Machine v Draw Winch or Discharge Roller Conveyor v Reduction Gear Boxes v Pinion Stands v Universal Couplings v Fly Wheels v Lubrication System v Lubrication System v Mill Stands v Pinch Rolls v Double Rod Type Mechanic Pushers v Slitting Lines v
Uncoiler Machine |
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Exports : |
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Products : |
v Alligator Shearing Machies v Bloom Cutting v Shearing Machine v Draw Winch or Discharge Roller Conveyor v Reduction Gear Boxes v Pinion Stands v Universal Couplings v Fly Wheels v Lubrication System v Lubrication System v Mill Stands v Pinch Rolls v Double Rod Type Mechanic Pushers v Slitting Lines v
Uncoiler Machine |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
Germany |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash and Credit ( 30 Days) |
GENERAL
INFORMATION
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Customers : |
Manufacturer |
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No. of Employees : |
200 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Dutta Singla and Company Chartered Accountant |
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Address : |
Battan Lal Road, Battan
Lal Mill Complex, Mandi Gobindgarh – 147301, Punjab |
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Name : |
Sandeep Datta Chartered Accountant |
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Address : |
# 34, Sector 4-D, Battan Lal Road, Mandi Gobindgarh-147301, Punjab,
India |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1200000 |
Equity Shares |
Rs. 10/- each |
Rs. 12.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1031550 |
Equity Shares |
Rs. 10/-
each |
Rs. 10.315
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.315 |
10.315 |
10.315 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
16.673 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
[9.957] |
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NETWORTH |
26.988 |
10.315 |
0.358 |
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LOAN FUNDS |
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1] Secured Loans |
10.061 |
6.937 |
4.641 |
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2] Unsecured Loans |
2.595 |
3.142 |
31.426 |
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TOTAL BORROWING |
12.656 |
10.079 |
36.067 |
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DEFERRED TAX LIABILITIES |
0.882 |
0.992 |
0.000 |
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TOTAL |
40.526 |
21.386 |
36.425 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
23.175 |
17.238 |
7.549 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
1.937 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
18.492
|
18.362 |
15.796 |
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Sundry Debtors |
64.121
|
25.229 |
18.186 |
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Cash & Bank Balances |
7.450
|
1.730 |
0.096 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
49.127
|
31.961 |
4.019 |
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Total
Current Assets |
139.190
|
77.282 |
38.097 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
108.985
|
81.134 |
11.158 |
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Provisions |
12.851
|
0.565 |
0.000 |
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Total
Current Liabilities |
121.836
|
81.699 |
11.158 |
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Net Current Assets |
17.354
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[4.417] |
26.939 |
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MISCELLANEOUS EXPENSES |
0.000 |
8.565 |
0.000 |
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TOTAL |
40.526 |
21.386 |
36.425 |
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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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261.554 |
68.909 |
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Other Income |
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4.089 |
4.113 |
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Total Income |
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265.643 |
73.022 |
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Profit/(Loss) Before Tax |
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35.192 |
4.865 |
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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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35.192 |
4.865 |
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Expenditures : |
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Raw Material Consumed |
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201.783 |
56.223 |
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Increase/(Decrease) in Finished Goods |
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[0.167] |
1.298 |
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Salaries, Wages, Bonus, etc. |
|
1.916 |
1.273 |
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Interest |
|
2.830 |
1.074 |
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Depreciation & Amortization |
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1.251 |
1.246 |
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Other Expenditure |
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22.838 |
7.043 |
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Total Expenditure |
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230.451 |
68.157 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
13.24
|
6.66 |
N.A |
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Net Profit Margin (PBT/Sales) |
(%) |
13.45
|
7.06 |
N.A |
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Return on Total Assets (PBT/Total Assets} |
(%) |
21.67
|
5.17 |
N.A |
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Return on Investment (ROI) (PBT/Networth) |
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1.30
|
0.47 |
N.A |
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Debt Equity Ratio (Total Liability/Networth) |
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4.98
|
8.89 |
131.91 |
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Current Ratio (Current Asset/Current Liability) |
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1.14
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0.95 |
3.41 |
LOCAL AGENCY
FURTHER INFORMATION
Trustseal
Acceptance Chart
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Parameters |
Details |
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Statutory Approvals |
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Legal Status of Firm |
A Closely Held Public Limited Liability
Company |
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Income Tax Registration |
AADCS2665R |
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VAT/TIN Registration |
03671097482 |
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Import Export Code |
3097000046 |
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Name of Bank |
Punjab National Bank |
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Current Account Number |
4451002100000700 |
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Account Since |
+ 2 Years |
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Trade Affiliations |
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Government Recognised Export House Status |
YES |
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Standard and Certificates |
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Quality Management Systems |
ISO2000 :2001 |
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.42.95 |
|
UK Pound |
1 |
Rs.85.62 |
|
Euro |
1 |
Rs.67.81 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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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 |
|
29 |
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 |
|