MIRA
INFORM REPORT
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Report Date : |
19.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADISHWAR INDIA LIMITED |
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Registered Office : |
93/C, 1st Main, 2nd Stage, Industrial Suburb, Gorgunte Palya,
Behind MEI, Yeshwanthpur, Bangalore 560022, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
21.01.1997 |
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Com. Reg. No.: |
021681 |
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CIN No.: [Company
Identification No.] |
U51909KA1997PLC021681 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRA05081G |
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PAN No.: [Permanent
Account No.] |
AABCA4663P |
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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 Consumer Durables. |
RATING &
COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 680320 |
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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 engaged in Trading and Marketing of Consumer Durables through
Network Marketing. Trade relations are fair. Payments are reported as Slow
but Correct. General financial position is Satisfactory. The Company can be considered moderate for Small business dealings at
usual trade terms and conditions. |
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LOCATIONS
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Registered Office : |
93/C, 1st Main, 2nd Stage, Industrial Suburb, Gorgunte
Palya, Behind MEI, Yeshwanthpur, Bangalore 560022, Karnataka, India. |
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Tel. No.: |
91-80-23594311 |
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Fax No.: |
91-80-23594310 |
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E-Mail : |
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Factory : |
No. 146, 11th C Cross, EOC Road, Bangalore 560086,
Karnataka, India. |
DIRECTORS
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Name : |
Mr. Prem Raj |
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Designation : |
Wholetime Director |
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Address : |
J 21, O K Road, Chick pet, Bangalore 560053, Karnataka, India. |
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Date of Birth/Age : |
10.10.1937 |
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Date of Appointment : |
21.01.1997 |
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Name : |
Mr. Paras Jain |
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Designation : |
Chairman Cum Managing Director |
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Address : |
J 21, O K Road, Chick pet, Bangalore 560053, Karnataka, India. |
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Date of Birth/Age : |
30.04.1969 |
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Date of Appointment : |
21.01.1997 |
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Name : |
Mr. Nirmal Kumar |
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Designation : |
Wholetime Director |
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Address : |
J 21, O K Road, Chick pet, Bangalore 560053, Karnataka, India. |
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Date of Birth/Age : |
13.12.1974 |
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Date of Appointment : |
21.01.1997 |
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Name : |
Mrs. Kanchan Devi |
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Designation : |
Wholetime Director |
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Address : |
J 21, O K Road, Chick pet, Bangalore 560053, Karnataka, India. |
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Date of Birth/Age : |
17.08.1971 |
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Date of Appointment : |
21.01.1997 |
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Name : |
Mrs. Manjula |
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Designation : |
Wholetime Director |
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Address : |
J 21, O K Road, Chick pet, Bangalore 560053, Karnataka, India. |
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Date of Birth/Age : |
29.07.1977 |
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Date of Appointment : |
15.01.2003 |
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Name : |
Mr. Girish Amrutlal Chouhan |
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Designation : |
Director |
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Address : |
66/2, 3rd Main, 5th Cross, Chamrajpet, Bangalore
560018, Karnataka, India. |
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Date of Birth/Age : |
25.12.1976 |
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Date of Appointment : |
02.10.2006 |
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Name : |
Mr. Anil Dhirajlal Shah |
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Designation : |
Director |
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Address : |
No. 305/16, 1st Floor, 66 Cross, 5th Block,
Rajaji Nagar, Bangalore 560010, Karnataka, India. |
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Date of Birth/Age : |
21.07.1960 |
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Date of Appointment : |
02.10.2006 |
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Name : |
Mr. Ravindra Kudpi |
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Designation : |
Director |
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Address : |
No. 23, Akshara, 4th Main, 4th Cross, Gourav
Nagar, Jp Nagar, 7th Phase, Bangalore 560078, Karnataka, India. |
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Date of Birth/Age : |
08.01.1960 |
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Date of Appointment : |
02.10.2006 |
KEY EXECUTIVES
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Name : |
Mrs. Geetha Mini Jayavaram |
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Designation : |
Secretary |
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Address : |
No. 6152, 6th Block, Janapriya Bharath, Sunkadakatte,
Vishwaneedam Post, Bangalore 560091, Karnataka, India. |
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Date of Birth/Age : |
10.06.1974 |
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Date of Appointment : |
28.06.2007 |
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Name : |
Mr. Nagesh Hegde |
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Designation : |
Secretary |
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Address : |
No. 75, 2nd Cross, Shushruthi Nagar, Basapur, Electronic
City Post, bangalore 560100, Karnataka, India. |
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Date of Birth/Age : |
15.07.1965 |
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Date of Appointment : |
28.06.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2007
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Names of Shareholders |
No. of Shares |
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Mr. Paras Jain |
117600 |
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Mr. Prem Raj |
90000 |
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Mr. Nirmal Kumar Jain |
143000 |
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Mrs. Kanchan Devi |
75000 |
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Mrs. Manjula |
138200 |
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Mrs. Bhavari Devi |
20500 |
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Time Master Electric Private Limited |
33000 |
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Mr. Mahendra Kumar Jain |
125000 |
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Swiss Star India Private Limited |
-- |
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Total |
742300 |
Equity Shareholder (Percentage of Total Equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Consumer Durables. |
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Products : |
v Watches v Mens Wear v Womens Wear v Cook Wears v Travel Luggage v Electrical Items
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GENERAL
INFORMATION
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No. of Employees : |
About 100 |
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Bankers : |
ING Vysya Bank Limited Avenue Road Branch, Bangalore 560002, Karnataka, India. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Kamlesh Kumar jain, Chartered Accountants |
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Address : |
No. 189, RT Street, BVK IYENGAR Road Cross, Bangalore 560053,
Karnataka, India. |
CAPITAL STRUCTURE
As on 31.03.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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7,747,900 |
Equity Shares |
Rs. 10/- Each |
Rs. 100.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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7,747,900 |
Equity Shares |
Rs. 10/- Each |
Rs. 77.479 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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76.419 |
9.093 |
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2] Share Application Money |
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11.300 |
0.000 |
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3] Reserves & Surplus |
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82.361 |
69.884 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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170.080 |
78.977 |
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LOAN FUNDS |
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1] Secured Loans |
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1.710 |
0.610 |
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2] Unsecured Loans |
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0.000 |
0.000 |
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TOTAL BORROWING |
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1.710 |
0.610 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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171.790 |
79.587 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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52.599 |
27.260 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.015 |
0.015 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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117.432 |
67.546 |
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Sundry Debtors |
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2.185 |
2.967 |
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Cash & Bank Balances |
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8.132 |
4.306 |
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Other Current Assets |
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33.463 |
12.591 |
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Loans & Advances |
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1.661 |
2.735 |
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Total
Current Assets |
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162.873 |
90.145 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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42.945 |
36.589 |
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Provisions |
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0.753 |
1.245 |
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Total
Current Liabilities |
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43.698 |
37.834 |
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Net Current Assets |
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119.175 |
52.311 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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171.790 |
79.587 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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835.145 |
494.613 |
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Other Income |
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44.187 |
14.295 |
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Total Income |
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879.332 |
508.908 |
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Profit/(Loss) Before Tax |
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27.729 |
10.261 |
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Provision for Taxation |
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10.827 |
3.958 |
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Profit/(Loss) After Tax |
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16.902 |
6.303 |
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Expenditures : |
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Purchases made for re-sale |
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637.076 |
372.529 |
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Salaries, Wages, Bonus, etc. |
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16.680 |
8.027 |
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Managerial Remuneration |
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4.827 |
4.465 |
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Payment to Auditors |
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0.200 |
0.200 |
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Interest |
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6.218 |
2.207 |
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Insurance Expenses |
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0.777 |
0.459 |
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Power & Fuel |
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3.841 |
2.246 |
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Depreciation & Amortization |
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6.517 |
6.995 |
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Other Expenditure |
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175.467 |
101.519 |
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Total Expenditure |
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851.603 |
498.647 |
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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 |
(%) |
1.92
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1.24 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
3.32
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2.07 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
3.15
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2.02 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.16
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0.13 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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--
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0.26 |
0.48 |
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Current Ratio (Current Asset/Current Liability) |
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--
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3.73 |
2.38 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
ADISHWAR INDIA LIMITED |
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Presented By |
Mr. Paras Jain |
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1) Date and description of instrument creating the change |
06.05.1999 Agreement for Hypothecation of stock-in-trade, Machinery, Book Debts and other movables. |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 3.000 millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
1. Hypothecation and pledge of goods (Products held as Stock) 2. Machinery and Book Debts. |
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4) Gist of the terms and conditions and extent and operation of the charge. |
1. Rate of Interest: 10.5% above Bank Rate and 4.5% above PLR subject to maximum of 18.5% (Whichever is higher) |
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5) Name and Address and description of the person entitled to the charge. |
ING Vysya Bank Avenue Road Branch, Bangalore |
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6) Date and brief description of instrument modifying the charge |
01.09.2005 Demand Promissory Note |
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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. |
ODSIT under M Power Business Rs. 20.000 millions 1. Renewal of limits letter dated on 27.08.2005 2. Continuing Collateral security letter dated on 01.09.2005 3. Hypothecation of Stock Home Appliance and Electronic Goods of leading brands. 4. Reduction in rate of Interest from 12% (IVRR) to 10.50% (IVRR 1.50%) with effect from 23.09.2005 5. Securities of Immovable Properties Consumed. Property No: 93/C, Situated at 18 Main, Industrial Suburb, 2nd Stage, Yeshwanthpur, Bangalore 560022, Karnataka, India. |
Form 8
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This form is for |
Modification of charge |
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Whether charge is modified in favour of asset reconstruction company (ARC) of assignee |
No |
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Charge Identification (ID) number of the charge to be modified |
80010690 |
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Corporation identity number (CIN) or foreign company registrations number of the company |
U51909KA1997PLC021681 |
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Name of the company |
ADISHWAR INDIA LIMITED |
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Address |
93/C, 1st Main, 2nd Stage, Industrial Suburb, Gorgunte
Palya, Behind MEI, Yeshwanthpur, Bangalore 560022, Karnataka,
India. |
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Type of Charges |
v Immovable
property v Floating charge v Others |
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Whether consortium finance is involved |
No |
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Whether joint charge involved |
No |
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Number of charge holder(s) |
1 |
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Particular of the charge holder |
Name: ING Vysya Bank Limited Address: 489, Avenue Road City: Bangalore State: Karnataka ISO country code: IN Pin code: 560002 e-mail ID: avenueroadbr@ingvysyabank.com |
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Nature or description of the instrument creating or modifying the charge |
Supplemental General Hypothecation Agreement Letter of deposit of title deeds. |
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Date of the instrument creating charge |
19.09.2007 |
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Whether charge created or modified outside India |
No |
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Amount Secure by the charge |
Rs. 180.000 millions |
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Brief particulars of the principal terms and conditions and extent and operation of the charge |
(a) Rate of Interest ODSIT: IVRR 2% (b) Terms of repayment ODBIT: On Demand (c) Margin ODBIT: 25% on Stocks (d) Extent and operation of the charge First charge on Stock in trade of the Company both present and future. First charge on the Immovable property of the Company. |
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Short particulars of the Property charged |
Stock in trade of the Company both present and future at the direct marketing places of the company as per the Annexure or anywhere else. Immovable Property bearing: 1. No. 93/C, I main, Industrial Suburb, IInd Stage, Yeshwanthpur, Bangalore bounded by East: Main Road, West: Private Property, North: Site No. 93/D, South: Road. 2. No. BMP, 107 (No. 280 of CITB) 19th Main Road, 1st N Block, Rajaji Nagar, Bangalore 560010 bounded by East: Property No. 279, West: Road, North Property, No. 281, Trust Board Property |
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Whether any of the property or interest therein under reference is not registered in the name of the company |
No |
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Particulars of the present modification |
The Total limit has been enhanced from Rs. 80.000 millions to Rs. 180.000 millions by way of an additional ODSIT of Rs. 100.000 millions. All the existing securities are extended to the enhanced limit. |
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 Intl
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 companys 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 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
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--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
31 |
This score serves as a reference to assess SCs 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 |
|