MIRA
INFORM REPORT
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Report Date : |
07.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
GLENASIA COMMODITIES PRIVATE LIMITED |
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Registered Office : |
6-B, Jorbagh Lane, New Delhi-110003 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
02.04.2002 |
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Com. Reg. No.: |
55-114786 |
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CIN No.: [Company
Identification No.] |
U51909DL2002PTC114786 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Sugars |
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 310000 |
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Status : |
Good |
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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 meeting its normal
commitments timeously. Trade relations are fair. Business is active. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
6-B, Jorbagh Lane, New Delhi-110003, India |
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Tel. No.: |
91-11-24619614 / 24643227 / 24693227 |
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Fax No.: |
91-11-24635371 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Samir Thukral |
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Designation : |
Director |
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Address : |
G-8, Maharani Bagh, New Delhi-110065, India |
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Date of Birth/Age : |
06.12.1959 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Ms. Sajni Thukral |
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Designation : |
Director |
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Address : |
G-8, Maharani Bagh, New Delhi-110065, India |
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Date of Birth/Age : |
14.08.1936 |
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Date of Appointment : |
02.04.2002 |
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Name : |
Mr. Satish Sawhney |
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Designation : |
Director |
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Address : |
A-224, Sainik Farm, M. B. Road, New Delhi- 110062, India |
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Date of Birth/Age : |
25.12.1943 |
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Date of Appointment : |
17.03.2003 |
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Name : |
Mr. Rajesh Mehta |
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Designation : |
Director |
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Address : |
I-43, Lajpat Nagar IV, New Delhi-110024, India |
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Name : |
Mr. Hanspetter Feer |
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Designation : |
Director |
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Address : |
Peruendhofstreasse- 27891, Affotiern am albis (Switzerland) |
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Date of Birth/Age : |
15.03.1948 |
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Date of Appointment : |
28.05.2002 |
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Name : |
Mr. Markus Schmidle |
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Designation : |
Director |
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Address : |
Strenenmatistrasse-46314, Salchnil (Switzerland) |
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Date of Birth/Age : |
03.10.1955 |
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Date of Appointment : |
28.05.2002 |
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Name : |
Mr. Shyam Lal Gouniyal |
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Designation : |
Director |
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Address : |
Flat No. 1695, Sanjay Gandhi Memorial Nagar, Near Badkhal Lake,
Faridabad-121006, Haryana, India |
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Date of Birth/Age : |
21.06.1959 |
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Date of Appointment : |
28.05.2002 |
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Date of Ceasing: |
17.12.2004 |
KEY EXECUTIVES
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Name : |
P. N. Gupta |
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Designation : |
Company Secretary |
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Address : |
46/6, LGF Community Centre, East of Kailash, New Delhi- 110065 |
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Tel No.: |
91-11-26477221 / 26427221 |
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Mobile No.: |
91-9811354910 |
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E-Mail : |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2005
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Names of Shareholders |
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No. of Shares |
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Nigara Holdings Private Limited |
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253257 |
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Euro-Asia Commodities Limited |
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202606 |
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Glencore U.K. Limited |
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50651 |
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Total |
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506514 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
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Category |
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Percentage |
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Foreign Holdings/ Fils/FCs/FFIs/NRIs/OBCs |
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50.00 |
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Bodies Corporate (Not mentioned above) |
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50.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Trading of Sugars |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rastogi and Donald Chartered Accountant |
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Address : |
19-C, DDA Flats, Masjid Moth-I, Greater Kailash, Part –III, New Delhi-110048 |
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Tel. No.: |
91-11-26241280 |
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Fax No.: |
91-11-26242860 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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510000 |
Equity Shares |
Rs. 10/- each |
Rs. 5.100 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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506500 |
Equity Shares |
Rs. 10/-
each |
Rs. 5.065
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 |
5.065 |
5.065 |
5.065 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
58.018 |
54.495 |
54.072 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.083 |
59.560 |
59.137 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.500 |
125.000 |
1026.169 |
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TOTAL BORROWING |
0.500 |
125.000 |
1026.169 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.583 |
184.560 |
1085.306 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.775 |
3.915 |
4.163 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
8.561 |
11.922 |
20.038 |
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DEFERREX TAX ASSETS |
0.566 |
0.046 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
11.049 |
317.786 |
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Sundry Debtors |
8.517
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126.757 |
161.792 |
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Cash & Bank Balances |
7.617
|
1.967 |
584.936 |
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Other Current Assets |
1.494
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33.826 |
37.733 |
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Loans & Advances |
38.630
|
24.391 |
26.647 |
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Total
Current Assets |
56.258
|
197.990 |
1128.894 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.577
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29.313 |
51.281 |
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Provisions |
0.000
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0.000 |
16.508 |
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Total
Current Liabilities |
5.577
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29.313 |
67.789 |
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Net Current Assets |
50.681
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168.677 |
1061.105 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
63.583 |
184.860 |
1085.306 |
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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 |
30.354 |
540.373 |
1343.113 |
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Other Income |
15.135 |
52.282 |
25.419 |
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Total Income |
45.489 |
592.655 |
1368.532 |
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Profit/(Loss) Before Tax |
4.740 |
2.024 |
75.695 |
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Provision for Taxation |
1.199 |
1.390 |
27.539 |
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Profit/(Loss) After Tax |
3.541 |
0.634 |
48.156 |
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Expenditures : |
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Cost of Materials |
31.240 |
528.650 |
1174.839 |
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Loss on Sugar Derivative |
0.000 |
18.060 |
0.000 |
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Direct Overhead |
0.030 |
1.480 |
11.642 |
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Personnel Expenses |
1.383 |
1.588 |
3.179 |
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Administrative Expenses |
3.233 |
8.689 |
34.452 |
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Selling Expenses |
0.726 |
1.985 |
7.487 |
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Preliminary Expenses W/Off |
0.000 |
0.000 |
0.093 |
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Financial Charges |
2.728 |
29.231 |
60.231 |
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Depreciation & Amortization |
1.409 |
0.948 |
0.914 |
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Total Expenditure |
40.749 |
590.631 |
1292.837 |
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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 |
(%) |
7.78
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00.11 |
3.52 |
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Net Profit Margin (PBT/Sales) |
(%) |
15.62
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0.37 |
5.64 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
7.90
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1.00 |
6.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.07
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0.03 |
1.28 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.09
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2.59 |
18.50 |
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Current Ratio (Current Asset/Current Liability) |
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10.08
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6.75 |
16.65 |
LOCAL AGENCY
FURTHER INFORMATION
Bankers Charges
Report as per Registry
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Name of the company |
GENASIA
COMMODITIES PRIVATE LIMITED |
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Presented By |
Mr. Shyamlal
Gouniyal |
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1) Date and description of instrument creating the change |
20.01.2004 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 1350 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 |
Stock Holdings of
Sugar as per Clause 2 of loan agreement. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
a)
Final repayment
date of five and half years after the date of draw down of the last tranch of
the loan b)
Margin 3.5%
for foreign exchange c)
3.5%
interest per annum d)
Rate of
Interest LIBOR plus the Margin to be advised by the Bank prior to each deal e)
Repayment on
demand in writing. |
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5) Name and Address and description of the person entitled to the charge. |
M/S Glencore UK
Limited, 50, Berkeley Street, London WIJ 8HD, England (U.K.) |
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6) Date and brief description of instrument modifying the charge |
Not Applicable |
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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. |
Not Applicable |
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.42.79 |
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UK Pound |
1 |
Rs.83.77 |
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Euro |
1 |
Rs.66.71 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
54 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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