MIRA
INFORM REPORT
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Report Date : |
28.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
POLMANN INDIA LIMITED |
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Formerly Known As : |
GREENHORN FINANCE LIMITED |
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Registered Office : |
708 Maker Chambers Nariman Point, Mumbai;400021, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
18.06.1993 |
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Com. Reg. No.: |
072458 |
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CIN No.: [Company
Identification No.] |
L65994MH1993PLC072458 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMP1289E |
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Legal Form : |
A Closely Held Public Limited Liability Company. |
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Line of Business : |
Manufacturer of Chemicals and allied 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 150000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed company having satisfactory track.
Directors are reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Bhagvati |
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Designation : |
Account Department |
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Date : |
25.07.2008 |
LOCATIONS
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Registered Office : |
708 Maker Chambers Nariman Point, Mumbai;400021, Maharashtra |
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Tel. No.: |
91-22-22814526 / 22814530 |
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Fax No: |
91-22-22814532 |
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Factory : |
6 7 8, Thane Gala No. Ranahal Village Bhivandi, Khanderao Compaund,
Maharashtra, India. |
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Tel. No.: |
91-22-22814530 |
DIRECTORS
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Name : |
Mr. Vijay J. Bhimrajaka |
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Designation : |
Director |
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Address : |
184 Jupiter cuffe, Parade Colaba, Mumbai;400005, Maharashtra |
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Date of Birth/Age : |
10.02.1949 |
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Date of Appointment : |
18.06.1993 |
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Name : |
Mr. Anoop J. Bhimrajka |
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Designation : |
Director |
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Address : |
14 Casablanca Cuffe, Parade Colaba, Mumbai;400005, Maharashtra |
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Date of Birth/Age : |
05.08.1957 |
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Date of Appointment : |
18.02.1993 |
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Name : |
Mr. Vinod J. Bhimrajka |
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Designation : |
Director |
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Address : |
Sea- Lord, Cuffe Parade, Colaba, Mumbai;400005, Maharashtra |
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Date of Birth/Age : |
15.06.1953 |
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Date of Appointment : |
18.06.1993 |
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Name : |
Mr. Vishwanath V. Bhimrajka |
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Designation : |
Director |
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Date of Birth/Age : |
30.06.1975 |
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Date of Appointment : |
29.09.1993 |
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Name : |
Mr. Siddhartha G. Bhimrajka |
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Designation : |
Director |
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Date of Birth/Age : |
12.05.1977 |
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Date of Appointment : |
29.09.1999 |
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Name : |
Mr. Amit G. Bhimrajka |
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Designation : |
Director |
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Date of Birth/Age : |
15.12.1979 |
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Date of Appointment : |
28.01.2002 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mrs. Anjali V. Bhimrajka |
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4500 |
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Shri. Siddharth G. Bhimrajka |
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3000 |
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Shri. Amit G. Bhimrajka |
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3000 |
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Shri. Vishnu Kumar J. Bhimrajka HUF |
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4500 |
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Shri. Vijay Kumar Bhimrajka |
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4450 |
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Shri. Vinod Kumar Bhimrajka |
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4500 |
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Smt. Manju Devi V. Bhimrajka |
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4000 |
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Smt. Asha Devi V. Bhimrajka |
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2500 |
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Mrs. Sangeeta A. Bhimrajka |
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4000 |
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Shri. Anoop Kumar Bhimrajka |
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4500 |
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Shri. Vishwanath V. Bhimrajka |
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550 |
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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 : |
Manufacturer of Chemicals and allied products |
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Products : |
Product Description : Chemicals |
GENERAL
INFORMATION
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Bankers : |
Central Bank of
India Chandermukhi
Building, Nariman Point,
Mumbai;400021 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shri Vinodray Kasturchand Mehta Chartered Accountant |
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Address : |
B-22, Shanker Vijay Rajwadi, Ghatkopar (East), Mumbai;400077,
Maharashtra |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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250000 |
Equity Shares |
Rs.10/- each |
Rs.2.500 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 |
2.500 |
2.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
59.248 |
37.199 |
25.924 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
61.748 |
39.699 |
26.424 |
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LOAN FUNDS |
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1] Secured Loans |
1.975 |
1.685 |
1.319 |
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2] Unsecured Loans |
12.325 |
11.052 |
1.963 |
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TOTAL BORROWING |
14.300 |
12.737 |
3.282 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.048 |
52.436 |
29.706 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.390 |
5.027 |
5.845 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
9.218 |
0.000 |
0.308 |
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DEFERREX TAX ASSETS |
0.447 |
0.320 |
0.097 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
42.174
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38.770
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49.790 |
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Sundry Debtors |
41.895
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42.332
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50.477 |
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Cash & Bank Balances |
1.635
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0.278
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1.777 |
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Other Current Assets |
0.000
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0.000
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0.000 |
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Loans & Advances |
102.634
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90.594
|
39.879 |
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Total
Current Assets |
188.338
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171.974 |
141.923 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
127.345
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105.835
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108.467 |
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Provisions |
0.000
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19.050
|
10.000 |
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Total
Current Liabilities |
127.345
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124.885 |
118.467 |
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Net Current Assets |
60.993
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47.089
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23.456 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
76.048 |
52.436 |
29.706 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
595.040 |
431.540 |
413.453 |
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Other Income |
0.258 |
0.330 |
1.423 |
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Total Income |
595.298 |
431.870 |
414.876 |
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Profit/(Loss) Before Tax |
34.895 |
20.098 |
15.852 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
34.895 |
20.098 |
15.852 |
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Imports : |
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Raw Materials |
0.000 |
0.000 |
256.003 |
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Total Imports |
0.000 |
0.000 |
256.003 |
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Expenditures : |
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Purchase made for re-sale |
516.867 |
0.000 |
0.000 |
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Salaries, Wages, Bonus, etc. |
1.945 |
1.606 |
1.477 |
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Managerial Remuneration |
8.925 |
10.200 |
5.515 |
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Payment to Auditors |
0.028 |
0.028 |
0.055 |
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Interest |
1.292 |
0.594 |
0.659 |
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Insurance Expenses |
5.741 |
5.449 |
5.534 |
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Depreciation & Amortization |
1.561 |
1.789 |
1.485 |
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Other Expenditure |
24.044 |
20.598 |
28.978 |
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Total Expenditure |
560.403 |
40.264 |
43.703 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
05.86
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4.65
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3.82 |
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Net Profit Margin (PBT/Sales) |
(%) |
05.86
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4.65
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3.83 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
11.05
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11.35
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10.72 |
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Return on Investment (ROI) (PBT/Networth) |
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56.51
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0.50
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0.59 |
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Debt Equity Ratio (Total Liability/Networth) |
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2.29
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3.46
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4.60 |
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Current Ratio (Current Asset/Current Liability) |
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1.47
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1.37
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1.19 |
LOCAL AGENCY
FURTHER INFORMATION
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Name of the company |
Polmann India
Limited |
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Presented By |
Central Bank of
India and Polmann India limited |
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1) Date and description of instrument creating the change |
Dated :21st March,2001. a) Interest of Hypothecation b) Agreemetn of Hypothecation to cash credit Agreemetn ; and
hypothecation of Book debts be signed by parties whose bills are discounted
constitute a single charge for Rs.25.000 Millions |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.25.000
Millions |
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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 |
3. a) All movable
property comprising inter alia machinery equipment Plant and Spares parts
which now or hereafter from time to time during this security shall belong
the Borrower where ever the same may be including in transit. b) All tangible
movable property such as products stock-in- trade and goods of the Borrowers which
now or hereafter from time to time during the security shall brought in
stored or be in or about the premises, warehouse or any where else or godowns
of the Borrower in Gala No.6,7 and 8,
Khandero compound, opp. Rahmal Village, Bhiwandi Dist, thane or any where
else in India c) All the
Borrower present and future book debts outstanding moneys receivables claims
bills, contracts, securities, investment, rights and assets d) all stocks
shares marketable securities and others gods which now are or amy at any time
hereafter be lodged with or held bythe Bank on account of the Borrower |
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4) Gist of the terms and conditions and extent and operation of the charge. |
Margin : 25% on
goods 10% on bills 50% on book debts Compound interest
at the rate of 4 precent over the Bank Prime lending Rate subject to a
minimum 16.5percent per annum or at such other rates as may from time to time
be fixed by the Bank. |
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5) Name and Address and description of the person entitled to the charge. |
Central Bank of
India Chandermukhi
Building, Nariman Point,
Mumbai;400021 |
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6) Date and brief description of instrument modifying the charge |
1) Agreement of
hypothecation to secured demand cash credit against goods dated 9th
December, 2003 2) Agreement of hypothecation
to secured DA L/C against good dated 9th December, 2003 3) Letter of
hypothecation of book debt dated 9th December, 2003 |
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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. |
By present
modification the facilities have been reviewed as follows with fresh sanction
of DALC facility of Rs.15.000 Millions
Margin of 25% on
goods and 50% on receivable. |
Fixed Assets;
Office Equipment
Scooter
Motor Car
Computer
History
The company was incorporated on 18th June, 1993 at Mumbai in Maharashtra having Company Registration Number 72458.
The company was originally incorporated under the name & style of “GREENHORN FINANCE LIMITED”. Subsequently, the name was changed to present.
The company is in trade terms with :
- J. K. Synthetic Limited
- Sheela Foam Private Limited
- Mriga Arts
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.42.30 |
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UK Pound |
1 |
Rs.84.03 |
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Euro |
1 |
Rs.66.42 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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/normal. |
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 |
|