MIRA
INFORM REPORT
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Report Date : |
20.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
EXEL RUBBER LIMITED |
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Registered Office : |
Flat No. 507, Sai Sadan Apartments, Balkumpet, S. R. Nagar, Hyderabad 500038,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.12.1987 |
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Com. Reg. No.: |
008050 |
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CIN No.: [Company
Identification No.] |
U25199AP1987PLC008050 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDE00035A |
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PAN No.: [Permanent
Account No.] |
AAACE4495J |
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Legal Form : |
Closely held Public Limited Liability Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Rubber and Rubber products |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1900000 |
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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 well established company having satisfactory track. Financial position is good. Payments are correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Flat No. 507, Sai Sadan Apartments, Balkumpet, S. R. Nagar, Hyderabad
500038, Andhra Pradesh, India |
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Tel. No.: |
91-40-23715233 |
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Fax No.: |
91-40-23701516 |
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E-Mail : |
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Location : |
Rented |
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Factory 1 : |
Bollaram Village, Miyapur, Hyderabad 500038, Andhra Pradesh, India |
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Tel. No.: |
91-8458-279641/279401 |
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Location : |
Owned |
DIRECTORS
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Name : |
Mr. Pothi Reddy Nagi |
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Designation : |
Director |
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Address : |
Flat No. 502, Sai Sadan Apartments, Balkumpet, S. R. Nagar, Hyderabad
500038, Andhra Pradesh, India |
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Date of Birth/Age : |
01.07.1929 |
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Date of Appointment : |
02.07.1988 |
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Name : |
Mr. Gangaram Raghunath Reddy |
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Designation : |
Director |
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Address : |
Plot No. 808 and 809, Vivekanand Anagar, Hyderabad 500072, Andhra
Pradesh, India |
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Date of Birth/Age : |
06.10.1961 |
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Date of Appointment : |
01.08.1988 |
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Name : |
Mr. Syed Shahabuddin Habeeb |
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Designation : |
Director |
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Address : |
H. No. 4-1-1236/3, King Koti Road, Hyderabad 500001, Andhra Pradesh,
India |
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Date of Birth/Age : |
09.07.1966 |
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Date of Appointment : |
01.08.1988 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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P. Nagi Reddy |
62800 |
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G. R. Reddy |
127370 |
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Geetha Bai |
23200 |
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T. C. Ganapaiah |
6830 |
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G. Sharadha |
18700 |
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P. Srirami Reddy |
6830 |
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Syed Shahabuddin |
21200 |
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V. B. Tapadia |
11060 |
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B. Venkat Laxmamma |
25500 |
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Taher Ali |
14210 |
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M .Gopala Swamy |
6840 |
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Ramesh Kumar H. |
14210 |
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G. Diwakar Reddy |
14500 |
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N. Raghavendra |
26440 |
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Y. Srinivas Reddy |
300000 |
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G. Dwraknath Reddy |
12510 |
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G. C. Krishna Reddy |
62400 |
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Lalitha Devi H |
12500 |
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Prema Devi H. |
2500 |
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Shahikala H |
2500 |
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Siva Shankar Reddy |
8500 |
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Brij Kishore Harkit |
3200 |
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Man Mohan Harkit |
3200 |
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Kumar Harkit |
3200 |
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S. W. Naveed |
21200 |
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G. Rajasekhar |
13700 |
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S. W. Mujeeb |
21200 |
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Syed Zakria Ameenuddin |
21200 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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70.49 |
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Other top fifty shareholders |
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29.51 |
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Total |
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100.00 |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter of Rubber and Rubber products |
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Products : |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit |
GENERAL
INFORMATION
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Customers : |
Manufacturers |
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No. of Employees : |
400 |
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Bankers : |
Commercial
Branch, Bank Street, Koti, Hyderabad 500095, Andhra Pradesh, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shriram Narayan Associates Chartered Accountants |
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Address : |
3-4-526/20, Barkatpura, Hyderabad 500027, Andhra Pradesh, India |
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Tel. No.: |
91-40-27550251 |
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Associates/Subsidiaries : |
Ø Ace Tyers Ø Vilas Polymers Limited Ø Siri Cap Credit Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/- each |
Rs. 7.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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600000 |
Equity Shares |
Rs. 10/- each |
Rs. 6.000 Millions |
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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 |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
375.473 |
289.715 |
227.904 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
381.473 |
295.715 |
233.904 |
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LOAN FUNDS |
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1] Secured Loans |
0.455 |
14.567 |
19.278 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.455 |
14.567 |
19.278 |
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DEFERRED TAX LIABILITIES |
0.000 |
1.265 |
2.639 |
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TOTAL |
381.928 |
311.547 |
255.821 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
103.534 |
103.100 |
64.586 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
2.000 |
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DEFERREX TAX ASSETS |
12.500 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
43.181
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56.094 |
18.654 |
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Sundry Debtors |
122.097
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107.908 |
104.169 |
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Cash & Bank Balances |
20.828
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15.255 |
1.946 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
160.008
|
98.855 |
126.765 |
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Total
Current Assets |
346.114
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278.112 |
251.534 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
31.720
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28.318 |
32.799 |
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Provisions |
48.500
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41.347 |
29.500 |
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Total
Current Liabilities |
80.220
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69.665 |
62.299 |
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Net Current Assets |
265.894
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208.447 |
189.235 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
381.928 |
311.547 |
255.821 |
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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 |
865.312 |
789.434 |
694.424 |
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Other Income |
2.098 |
76.842 |
62.972 |
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Total Income |
867.410 |
866.276 |
757.396 |
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Profit/(Loss) Before Tax |
139.792 |
101.755 |
85.214 |
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Provision for Taxation |
46.935 |
36.276 |
30.906 |
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Profit/(Loss) After Tax |
92.857 |
65.479 |
54.308 |
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Expenditures : |
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Raw Material Consumed |
354.472 |
424.451 |
339.622 |
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Consumption of stores and spares parts |
21.418 |
8.500 |
5.582 |
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Increase/(Decrease) in Finished Goods |
[5.088] |
1.168 |
3.001 |
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Salaries, Wages, Bonus, etc. |
35.264 |
33.258 |
29.612 |
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Managerial Remuneration |
0.987 |
0.749 |
0.488 |
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Payment to Auditors |
0.067 |
0.084 |
0.066 |
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Interest |
1.104 |
1.460 |
0.725 |
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Insurance Expenses |
0.711 |
3.020 |
15.519 |
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Power & Fuel |
43.362 |
30.823 |
34.750 |
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Depreciation & Amortization |
24.472 |
20.106 |
12.772 |
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Other Expenditure |
250.849 |
240.902 |
230.045 |
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Total Expenditure |
727.618 |
764.521 |
672.182 |
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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 |
(%) |
10.70
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7.55 |
7.17 |
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Net Profit Margin (PBT/Sales) |
(%) |
16.15
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12.88 |
12.27 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
31.08
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26.69 |
26.95 |
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Return on Investment (ROI) (PBT/Networth) |
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0.37
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0.35 |
0.36 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.22
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0.28 |
0.35 |
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Current Ratio (Current Asset/Current Liability) |
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4.31
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3.99 |
4.04 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Corporate
identity number of the company |
U25199AP1987PLC008050 |
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Name of the
company |
EXEL RUBBER LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Flat No. 507, Sai Sadan Apartments, Balkumpet, S. R. Nagar, Hyderabad 500038,
Andhra Pradesh, India |
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This form is for |
Modification of charge |
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Type of charge |
Equitable
mortgage or mortgage of property by depositing the title deeds |
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Particular of
charge holder |
State Bank of
India Commercial Branch,
Bank Street, Koti, Hyderabad 500095, Andhra Pradesh, India |
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Amount secured by
the charge |
Rs. 5.500
Millions |
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Description of
the property charged indicating whether it is a charged on |
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Particulars of
the property charged |
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Charge identification
number of the charge to be modified |
80005619 |
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Brief description
of the instrument modifying the charge under section 135 |
Supplementary
agreement of hypothecation of goods and assets for increase in the overall
limit C 2-A dated 23.05.2006. Memorandum of
deposit for creation of further charge.
Form C-10 dated 23.05.2006. |
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Date of
instrument modifying the charge |
23.05.2006 |
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Particulars of
the present modification |
The limits are enhanced
from Rs. 35.500 Millions to Rs. 65.500 Millions. |
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. 42.93 |
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UK Pound |
1 |
Rs. 84.17 |
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Euro |
1 |
Rs. 66.82 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
8 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
8 |
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--LEVERAGE |
1~10 |
8 |
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--RESERVES |
1~10 |
8 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
|
66 |
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 |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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<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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