MIRA
INFORM REPORT
|
Report Date : |
17.05.2008 |
IDENTIFICATION
DETAILS
|
Name : |
BISAZZA INDIA PRIVATE LIMITED |
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Registered Office : |
Survey No. 372/ 2, Near Gail and GIDC Office, Village Budasan, Kadi,
Mehsana 382 715, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
22.05.1995 |
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Com. Reg. No.: |
26006 |
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CIN No.: [Company
Identification No.] |
U26102GJ1995PTC026006 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMB02227B |
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PAN No.: [Permanent
Account No.] |
AAACB2684G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers of Glass Mosaic Tiles |
RATING &
COMMENTS
|
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 950000 |
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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 successful Indo-Italian joint venture. Directors are
reported as experienced, respectable and resourceful industrialists. Their
trade relations are fair. Financial position is good. Payments are usually
correct and as per commitments. The company can be considered good for normal
business dealings at usual trade terms and conditions. It can be regarded as a promising business partner in a medium to
long-run. |
LOCATIONS
|
Registered Office : |
Survey No. 372/ 2, Near Gail and GIDC Office, Village Budasan, Kadi,
Mehsana 382 715, Gujarat |
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Tel. No.: |
91-2764-262119/ 242309 |
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Fax No.: |
91-2764-262118 |
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E-Mail : |
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Website : |
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Branches : |
P-13, 2nd Floor, South Extension, Part 2, New Delhi 110
049, India |
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Tel. No.: |
91-11-26252574 |
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Fax No.: |
91-11-51640060 |
DIRECTORS
|
Name : |
Mr. Giampiero Renato Bisazza |
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Designation : |
Chairman |
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Address : |
Contra’ Piazza Castello 16, Vicenza I36100, Italy |
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Date of Birth/Age : |
08.05.1955 |
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Date of Appointment : |
11.12.2000 |
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Name : |
Mr. Carlo Bruno Pozzobon |
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Designation : |
Managing Director |
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Address : |
Via Tolmezzo 44 Udine I33100, Italy |
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Date of Birth/Age : |
14.09.1960 |
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Date of Appointment : |
24.03.2003 |
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Name : |
Mr. Paolo Pietro Peron |
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Designation : |
Director – Finance |
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Address : |
Via L. Da Vinci 7 Altavilla Vicentina I36077, Italy |
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Date of Birth/Age : |
30.06.1963 |
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Date of Appointment : |
01.07.2003 |
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Name : |
Mr. Ashok Thariani |
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Designation : |
Alternate Director to Mr. Giampiero Renato Bisazza |
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Address : |
A/ 81, Goyal Terrace, Bodakdev, Ahmedabad 380 054, Gujarat, India |
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Date of Birth/Age : |
12.07.1947 |
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Date of Appointment : |
24.03.2003 |
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Name : |
Mr. Ashish Somani |
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Designation : |
Alternate Director to Mr. Paolo Pietro Peron |
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Address : |
B-2, Sai Sabar Society, Behind Matruchhaya School, Subhash Bridge,
Ahmedabad 380 027, Gujarat, India |
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Date of Birth/Age : |
02.07.1977 |
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Date of Appointment : |
04.09.2006 |
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Name : |
Mr. Uttam Rewatchand Bhandari |
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Designation : |
Alternate Director |
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Address : |
No. 3, Sundaram Bunglow, Near Satyatriveni Tower, Anand Niketan School
Gali, Ramdevnagar, Sattelite, Ahmedabad 380 015, Gujarat, India |
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Name : |
Mr. Jayanthi Sri Ramlal |
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Designation : |
Alternate Director |
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Address : |
404, Citi Corner 2, Plot No. 53, Vashi, Navi Mumbai 400 073,
Maharashtra, India |
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Date of Birth/Age : |
30.03.1959 |
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Date of Appointment : |
16.04.2004 |
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Name : |
Mr. Giovanni Scotto |
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Designation : |
Director |
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Address : |
Dicario, Efortunato N-83, Vicenza, Italy |
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Date of Birth/Age : |
10.10.1962 |
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Date of Appointment : |
13.01.2000 |
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Name : |
Mr. Jaimit Vasavada |
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Designation : |
Alternate Director |
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Address : |
20/ 231, Rameshwar Apartment, Sola Road, Naranpura, Ahmedabad 380 063,
Gujarat, India |
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Date of Birth/Age : |
18.04.1971 |
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Date of Appointment : |
01.07.2003 |
KEY EXECUTIVES
|
Name : |
Mr. Himansu Thakor |
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Designation : |
Company Secretary |
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Address : |
L-86, Swatantrasena Nagar, Opp Akhabar Nagar, New Wadaj, Ahmedabad 380
013, Gujarat, India |
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Date of Birth/Age : |
20.01.1973 |
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Date of Appointment : |
28.01.2001 |
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Name : |
Mrs. Aruna Dak |
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Designation : |
Company Secretary |
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Address : |
H-18, Ashtha Venue, Near Anandvan, New IPCL Road, Subhanpura, Baroda,
Gujarat, India |
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Date of Birth/Age : |
27.08.1977 |
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Date of Appointment : |
01.08.2004 |
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Name : |
Mr. Rajendra Patel |
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Designation : |
Company Secretary |
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Address : |
Plot No. 502/1, Sector 3C, Gandhinagar 382 003, Gujarat, India |
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Date of Birth/Age : |
04.08.1977 |
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Date of Appointment : |
25.10.2005 |
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Name : |
Mr. Jayesh Patel |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
14.07.1976 |
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Date of Appointment : |
20.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2007
|
Names of Shareholders |
|
No. of Shares |
|
Bisazza Holding BV |
|
19663980 |
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Bisazza SPA Jointly with Mr. Ashok Thariani |
|
05 |
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Bisazza SPA Jointly with Mr. Uttam Bhandari |
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05 |
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Bisazza SPA Jointly with Mr. Carlo Pozzobon |
|
05 |
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Bisazza SPA Jointly with Mr. Alessandro Bisazza |
|
05 |
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Total |
|
19664000 |
As on 30.09.2006
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Names of Shareholders |
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Percentage of
Holding |
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Foreign Holdings (Foreign Institutional Investor(s), Foreign Companie(s), Foreign Financial Institution(s), Non-Resident Indian(s), or Overseas Corporate Bodies or Others) |
|
100.00 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Glass Mosaic Tiles |
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Products : |
Glass Mosaic Tiles |
GENERAL INFORMATION
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Price Waterhouse Chartered Accountants |
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Address : |
252, Veer Savarkar Marg, Shivaji Park, Dadar, Mumbai 400 028,
Maharashtra, India |
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Holding Company : |
Bisazza BV, Hauge, Holland, Eisenhower Laan 134, USA |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
|
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|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
10,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 100.000
millions |
Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
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|
8,744,000 |
Equity Shares |
Rs. 10/- each |
Rs. 87.440
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
100.640 |
87.440 |
87.440 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
136.919 |
105.813 |
104.084 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
237.559 |
193.253 |
191.524 |
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LOAN FUNDS |
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1] Secured Loans |
10.664 |
0.824 |
0.000 |
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2] Unsecured Loans |
28.704 |
39.266 |
48.114 |
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TOTAL BORROWING |
39.368 |
40.090 |
48.114 |
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DEFERRED TAX LIABILITIES |
7.333 |
6.800 |
5.574 |
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TOTAL |
284.260 |
240.143 |
245.212 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
221.349 |
165.911 |
82.849 |
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Capital work-in-progress |
147.454 |
66.696 |
39.003 |
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INVESTMENT |
0.000 |
2.000 |
2.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
163.156
|
77.694 |
38.686 |
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Sundry Debtors |
7.169
|
31.298 |
46.044 |
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Cash & Bank Balances |
31.570
|
31.522 |
62.111 |
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Other Current Assets |
0.428
|
1.018 |
1.150 |
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Loans & Advances |
55.429
|
27.420 |
11.842 |
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Total
Current Assets |
257.752
|
168.952 |
159.833 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
340.730
|
161.750 |
37.040 |
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Provisions |
1.565
|
1.666 |
1.471 |
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Total
Current Liabilities |
342.295
|
163.416 |
38.511 |
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Net Current Assets |
(84.543)
|
5.536 |
121.322 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.038 |
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TOTAL |
284.260 |
240.143 |
245.212 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
|
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Sales Turnover |
|
409.045 |
351.416 |
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Other Income |
|
13.952 |
10.049 |
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Total Income |
|
422.997 |
361.465 |
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Profit/(Loss) Before Tax |
|
15.043 |
26.600 |
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Provision for Taxation |
|
10.071 |
24.871 |
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Profit/(Loss) After Tax |
|
4.972 |
1.729 |
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Earnings in Foreign Currency : |
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Export Earnings |
|
346.064 |
270.017 |
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Total Earnings |
|
346.064 |
270.017 |
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Imports : |
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Raw Materials |
|
54.054 |
26.064 |
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Stores & Spares |
|
51.365 |
27.309 |
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Capital Goods |
|
54.734 |
44.654 |
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Total Imports |
|
160.153 |
98.027 |
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Expenditures : |
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Depreciation & Amortization |
|
36.028 |
47.190 |
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Other Expenditure |
|
371.926 |
287.675 |
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Total Expenditure |
|
407.954 |
334.865 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
1.17
|
0.48 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
3.56
|
7.36 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.40
|
6.59 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
|
0.06
|
0.13 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.63
|
2.08 |
1.48 |
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Current Ratio (Current Asset/Current Liability) |
|
0.75
|
1.03 |
4.15 |
LOCAL AGENCY FURTHER
INFORMATION
NIL
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.42.64 |
|
UK Pound |
1 |
Rs.83.00 |
|
Euro |
1 |
Rs.66.00 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
53 |
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 |
|