MIRA
INFORM REPORT
|
Report Date : |
05.06.2008 |
IDENTIFICATION
DETAILS
|
Name : |
RMG POLYVINYL
INDIA LIMITED |
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Registered Office : |
302, Elite
House, 3rd Floor, 26 Community
Center, Kailash Colony Extn., New
Delhi-110 048 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
11.09.1998 |
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Com. Reg. No.: |
096206 |
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CIN No.: [Company
Identification No.] |
U74899DL1998PLC096206 |
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IEC No.: |
0598052674 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELR08012E /
DELR09971D |
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PAN No.: [Permanent
Account No.] |
AAACG2886R |
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Legal Form : |
A Closely Held
Public Limited Liability Company. |
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Line of Business : |
Manufacturer,
Exporter and Importer of : Heavy Duty
“Contract” Vinyl Flooring – Brand Name: “WONDERFLOOR”, Printed Flooring
– Brand Name: GEMINI DESIGNS PRINT, Plain/Printed/Embossed
Artificial Leather both Foamed Type and Calendered Types,
Plain/Printed/Embossed Films and Sheetings, Anti-slip Vinyl Flooring, PVC Compounds,
Tarpaulin, PVC Geomembrane |
RATING &
COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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Maximum Credit Limit : |
USD 400016 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established company and seeks joint venture partner for modernization. Directors
are reported as experienced, respectable and resourceful businessmen. Their
trade relations are fair. Profit margin is low. Payments are usually correct
and as per commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
|
Registered
Office : |
302, Elite
House, 3rd Floor, 36
Community Center, Kailash Colony Extn.,
New Delhi-110048, India |
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Tel. No.: |
91-11-41632024 /
41632022 |
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Mobile No: |
91-9811113050 |
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Fax No.: |
91-11-26226482 /
29236482 |
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E-Mail : |
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Website: |
http://www.wonderfloor.com |
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Location : |
Owned |
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Factory 1 : |
10/1, Industrial
Area, Sikandrabad, District Bulandshahar-203205, Uttar Pradesh |
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Tel. No.: |
91-05735-221877 |
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Fax No.: |
91-5735-221878 |
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E-Mail : |
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Area: |
16 Acres |
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Location : |
Owned |
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Branches 1: |
302, 3rd
Floor, Elite House, 36 Community Centre, Zamprudur, New Delhi-110048, India |
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Tel. No.: |
91-11-51632024/51632022 |
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Fax No.: |
91-11-26226482 |
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E-Mail : |
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Branch 2: |
10585, Nabi
Karim, Jhandewalan Road, New Delhi-110055 |
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Location: |
Owned |
DIRECTORS
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Name : |
Mr. Arvind Goenka |
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Designation : |
Director |
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Address : |
No.1, Green
Avenue, Sector D-3, Vasant Kunj, New Delhi-110070 |
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Date of
Birth/Age : |
30.10.1969 |
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Qualification
: |
B.Com (HONS) |
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Experience : |
15 Years |
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Name : |
Mrs. Indira
Goenka |
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Designation : |
Director |
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Address : |
No.1, Green
Avenue, Sector D-3, Vasant Kunj, New Delhi-110070 |
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Date of
Birth/Age : |
28.08.1946 |
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Qualification
: |
B.A. |
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Experience : |
35 Years |
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Name : |
Mr. Umesh Agarwal
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Designation : |
Director |
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Address : |
B-705, Badrinath Apartment,
Malad, Mumbai |
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Date of
Birth/Age : |
13.10.1953 |
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Qualification
: |
B.E. |
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Experience : |
25 Years |
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Name : |
Mr. S.G.Gupta |
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Designation : |
Director |
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Address : |
715, Sector 28-D,
Faridabad, Haryana |
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Date of
Birth/Age : |
09.08.1952 |
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Qualification
: |
M.Sc |
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Experience : |
32 Years |
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Name : |
Mr. P.D.Taneja |
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Designation : |
Director |
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Address : |
76-A, Ratan
Garden, Gurgaon, Haryana |
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Date of
Birth/Age : |
08.07.1951 |
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Qualification
: |
F.C.A. |
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Experience : |
30 years |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
|
Names of Shareholders |
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No. of Shares |
|
Mrs. Nisha Goenka |
|
639360 |
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Ms. Usha Sanghai |
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400000 |
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Sri Vishwanath Enterprises Limited |
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280000 |
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Ms. Vasudha Sanghai |
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400000 |
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Premier Poly Plast And Processors Limited |
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250000 |
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Total
|
1969360 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer,
Exporter and Importer of: Heavy Duty “Contract”
Vinyl Flooring – Brand Name: “WONDERFLOOR”, Printed Flooring
– Brand Name: GEMINI DESIGNS PRINT, Plain/Printed/Embossed
Artificial Leather both Foamed Type & Calendered Types, Plain/Printed/Embossed
Films and Sheetings, Anti-slip Vinyl
Flooring, PVC Compounds, Tarpaulin, PVC Geomembrane |
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Products with
Brand Name: |
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Exports : |
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Products : |
PVC Flooring Covering, PVC Sheeting and Film, Coated and Laminated
Fabrics. |
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Countries : |
UAE, Sudan, South
Africa, Jordan, Brazil, Bolivia, Gulf
state, South America, Egypt, European Union, Australia, Sri lanka, etc. |
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Imports : |
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Products : |
PVC Resin, DOP and Titanium Dioxide |
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Countries : |
Germany, Korea,
Malaysia, China |
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Terms : |
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Selling : |
L/C and Cash,
Credit (30-60 days) |
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Purchasing : |
L/C, Cash, Credit
( 30-60 days) |
PRODUCTION STATUS
|
Particulars |
|
Unit |
Installed
Capacity |
Actual
Production |
|
PVC Film and sheets |
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M.T. |
20000 Per annum |
8972 M/T for the year 2006-07 |
GENERAL
INFORMATION
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Customers : |
Wholesalers,
Retailer and OEM’s |
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No. of Employees : |
160 ( 15 in
office and 145 in Factory) |
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Bankers : |
· Centurion Bank Of Punjab Limited M-29, Outer Circle, Connaught Place, New Delhi-110001 · HDFC Bank Limited H-39, Outer Circle, Connaught Place, New Delhi-110001 · State Bank Of Indore 354, Ganga Niwas, Chandni Chowk, Delhi –
110 0017 Facilities:
(from State Bank of Indore):-
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Banking Relations
: |
Satisfactory |
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Auditors : |
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Name : |
Manoj Ambuj & Associates Chartered
Accountant Mr. Manoj Kumar
Gupta |
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Address : |
FD-01, Shivaji
Enclave, New Delhi-110027 |
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Tel. No.: |
91-25150506 /
98-11124324 / 91-11-25433589 |
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Fax No.: |
91-11-25117076 |
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E-Mail : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
5000000 |
Equity shares |
Rs. 10/- each |
Rs. 50.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
452500000 |
Equity shares |
Rs. 10/- each |
Rs.45.250
millions |
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 |
|
45.250 |
40.000 |
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2] Share Application Money |
|
0.000 |
0.000 |
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3] Reserves & Surplus |
|
54.754 |
30.651 |
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4] (Accumulated Losses) |
|
0.000 |
0.000 |
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NETWORTH |
|
100.004 |
70.651 |
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LOAN FUNDS |
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|
|
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1] Secured Loans |
|
3.548 |
1.681 |
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2] Unsecured Loans |
|
69.529 |
31.684 |
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TOTAL BORROWING |
|
73.077 |
33.365 |
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DEFERRED TAX LIABILITIES |
|
6.404 |
4.678 |
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TOTAL |
|
179.485 |
108.694 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
|
101.348 |
74.423 |
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Capital work-in-progress |
|
4.556 |
4.491 |
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INVESTMENT |
|
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
54.436 |
24.975 |
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Sundry Debtors |
|
59.266 |
53.068 |
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Cash & Bank Balances |
|
10.947 |
2.108 |
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Other Current Assets |
|
0.000 |
0.000 |
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Loans & Advances |
|
15.046 |
11.908 |
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Total
Current Assets |
|
139.695 |
92.059 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
|
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Current Liabilities |
|
64.670 |
61.927 |
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|
Provisions |
|
1.492 |
0.447 |
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Total
Current Liabilities |
|
66.162 |
62.374 |
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Net Current Assets |
|
73.533 |
29.685 |
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MISCELLANEOUS EXPENSES |
|
0.048 |
0.095 |
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TOTAL |
|
179.485 |
108.694 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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|
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Sales Turnover |
|
408.710 |
244.255 |
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Other Income |
|
3.763 |
2.027 |
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Total Income |
|
412.473 |
246.282 |
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|
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|
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Profit/(Loss) Before Tax |
|
11.781 |
7.958 |
|
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Provision for Taxation |
|
3.428 |
4.763 |
|
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Profit/(Loss) After Tax |
|
8.353 |
3.195 |
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Earnings in Foreign Currency : |
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|
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Export Earnings |
|
75.696 |
75.492 |
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Total Earnings |
|
75.696 |
75.492 |
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Imports : |
|
|
|
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|
|
Raw Materials |
|
40.088 |
7.105 |
|
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Capital Goods |
|
7.679 |
3.352 |
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Total Imports |
|
47.767 |
10.457 |
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Expenditures : |
|
|
|
|
|
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Cost of Goods Sold |
|
327.304 |
189.227 |
|
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Administrative Expenses |
|
37.485 |
30.937 |
|
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Excise Duty |
|
27.605 |
14.131 |
|
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Interest |
|
5.045 |
1.279 |
|
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Depreciation & Amortization |
|
3.253 |
2.750 |
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Total Expenditure |
|
400.692 |
238.324 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
2.02 |
1.29 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
|
2.88 |
3.25 |
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|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
4.88 |
4.65 |
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Return on Investment (ROI) (PBT/Networth) |
|
|
0.11 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
1.39 |
1.35 |
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Current Ratio (Current Asset/Current Liability) |
|
|
2.11 |
1.47 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY:
They have
restarted the factory in September 04, after purchasing it from the government.
They are manufacturing vinyl floorings by the calendaring process and are manufacturing
products up to 2 meters wide and up to 3.0 mm thickness. They products have
already received the RDSO registration for supplies to Indian railways and the
company has obtained ISO 9001:2000 quality systems certificate from TUV
group,Germany. They are looking for collaboration to modernize they product
line and are already looking for a joint venture partner wherein they could
modernize they plant and machinery and cater to the markets Europe and U.K. at present the company is already
exporting its goods to African countries, Gulf countries, Central Asian
Republics and South American Countries.
TRADE REFERENCE:
- Decolene Fibres
Private Limited
1/24, WHS Kirtinagar Timber Market
New Delhi-110015
Mobile No: 91-9810035635
2.
D.L. Millar and Company Limited
3, NetajiSubhas Road,
Kolkata-700001
3. Silvassa
Plast
60, Rama Marg, Najafgarh Road,
New Delhi-110015
4.
Dossa Harjee
257/259, yusuf Mehar Ali Road,
Mumbai – 400003
5. 1000
Plus Trade Incorporation
“Ashirwad”, Sector D-3, Vasant kunj, New Delhi-110070
6. Kanchan
Add Chem Private Limited
4598/12B, 2nd Floor, Gola Cottage, Darya Ganj, New
Delhi-1100002
Mobile No; 91-9312835086
7. Amar
Udyog
1932, Chandi Chowk,
Delhi- 110006
- Madhu Sales Corporation
XV-10650, Jhandewalan Road, Nabi Karim, New
Delhi – 110055
9.
Shriram Vinyl and Chemicals Limited
19, Kirti
Mahal , Rajendra Place,
New Delhi – 110 008
Mobile No: 91-9810330365
OTHER INFORMATION:
Imports of:
Ø
PVC Resin
Ø
Poly-Beek
Kunststoffe GMBH
Ø
PVC Resin
Ø
LG Chemicals
Ø
D.O.P
Ø
BASF
Ø
Titanium
Dioxide
Ø
Dioxide
WEBSITES DETAILS
About Us
Subject is an ISO 9001:2000
Systems approved company and is the largest manufacturer and exporter from India
for PVC Floor Coverings, Films, Sheetings and Artificial Leather. The company
has two modern calendaring lines, one from Germany and the other from U.S.A.
The company’s Flooring range
is marketed in India and Overseas under the brand name of “WONDERFLOOR”.
Wonderfloor Vinyl Floor
Covering primarily consists of the following products:
1.Contract Flooring (Heavy Duty PVC Flooring)
2. Embossed Flooring (Antiskid)
3. Anti-Static and Conductive (ESD) Flooring
4. Switch Board Matting (High Insulation Vinyl Floor Mats)
5. Printed Flooring (also known as PVC Linoleum)
6. PVC Printed Flooring with Jute backing
7. PVC for Auto Vehicles.
The products are well
accepted globally with its major markets being the Middle East, Gulf, Americas,
various countries in Africa and parts of Europe including Italy, Germany.
The company is also a
favoured supplier to various PVC user industries of PVC Compounds including
Recycled PVC Compounds. The user industries range from shoes, hose, cables, PVC
Flooring etc. Other specialized products include supplies of top layer film to
PVC Calendaring units.
The company is also involved
in imports of special flooring products from Europe & America and
distribution in India.
Subject has a well set up
distributor and dealer network and several Regional Sales Offices spread out in
India and overseas. The group has been receiving the coveted “TOP
EXPORTER’S AWARD” from the Ministry of Commerce, Government of India, for PVC
Floor coverings for the last 3 years.
They have as they clients, some
of the most reputed institutions in India including The Reserve Bank of India,
The Indian Railways and The Indian Armed Forces. Overseas the products have
been used extensively in commercial applications like hospitals, gymnasiums,
schools, super markets etc. and have also found good acceptance in the
Prefabricated Building Industry.
PRODUCTS
Contract Flooring (Heavy Duty PVC
Flooring)
Embossed Flooring (Antiskid Flooring)
Anti-Static And Conductive (ESD)
Flooring
Switch Board Matting (High Insulation
Vinyl Mats)
Printed Flooring (Also Known As PVC
Linoleum)
PVC Printed Flooring With Jute
Backing
PVC For Auto Vehicles
PVC Films And Sheetings
PVC Artificial Leather
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or investigation
registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.63 |
|
UK Pound |
1 |
Rs.83.40 |
|
Euro |
1 |
Rs.65.80 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
36 |
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 |
|