MIRA
INFORM REPORT
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Report Date : |
21.05.2008 |
IDENTIFICATION
DETAILS
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Name : |
SALLY THERMOPLASTIC INDIA LIMITED |
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Registered Office : |
1, 3rd Cross Street, 1st Main Road, Kalaimagal Nagar,
Ekkattuthangal, Chennai 600 097, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2004 |
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Date of Incorporation : |
25.05.2001 |
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Com. Reg. No.: |
47166 |
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CIN No.: [Company
Identification No.] |
U24139TN2001PLC047166 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHES24053B |
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Legal Form : |
A Closely Held Private Limited Liability Company |
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Line of Business : |
Manufacturers of Thermoplastic materials used for road marking and
painting. |
RATING &
COMMENTS
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MIRA’s 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 45000 |
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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 : |
Although, no financials are available from any sources, the company
financial position may not be happy since, it’s sales figures given by Mr. Sivaraman
is just 3 time it’s Paid Up Capital. Trade relations are fair. Payments are
reported as slow. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Sivaraman |
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Designation : |
Managing Director |
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Date : |
21.05.2008 |
LOCATIONS
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Registered Office : |
1, 3rd Cross Street, 1st Main Road, Kalaimagal
Nagar, Ekkattuthangal, Chennai 600 097, Tamilnadu, India |
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E-Mail : |
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Website : |
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Area : |
Medium Sized |
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Location : |
Owned |
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Factory 1 : |
32, 2nd Floor, First Main Road, Balaji Nagar,
Ekkatuthangal, Chennai – 600097, Tamilnadu, India |
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Tel. No.: |
91-44-22327775 |
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Mobile No.: |
91-9840060559 |
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Fax No.: |
91-44-22327774 |
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E-Mail : |
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Correspondent Office : |
Old No:12, New No:30,Cenatoph Road,
Teynampet,Chennai-600018, Tamilnadu, India. |
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Tel. No.: |
91-44-24337777 (4Lines), 24315747 |
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Mobile No.: |
91-9840060559 |
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Fax No.: |
91-44-24315737 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. T. Silvarajoo |
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Designation : |
Managing Director |
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Address : |
14, Defence Officers Colony, Ekkattuthangal, Chennai 600 097,
Tamilnadu, India |
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Date of Birth/Age : |
18.10.1954 |
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Date of Appointment : |
25.05.2001 |
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Name : |
Mr. T. Selvadurai |
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Designation : |
Director |
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Address : |
Manambadi Main Road, Cholapuram, Kumbakonam, Thanjavur, Tamilnadu,
India |
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Date of Birth/Age : |
04.12.1940 |
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Date of Appointment : |
16.10.2002 |
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Name : |
Mr. K. R. Sivaraman |
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Designation : |
Director |
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Address : |
B8, RR Omkar Apartments, 7, 8, 9, Chowdhary Nagar, Valasaravakkam,
Chennai 600 087, Tamilnadu, India |
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Date of Birth/Age : |
01.06.1971 |
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Date of Appointment : |
16.01.2003 |
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Name : |
Mr. A Kandaswamy |
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Designation : |
Additional Director |
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Address : |
23B – B 14 – 22, Ward No. 70, TNHB Tower, B Blok, Kilpauk, Chennai 600
010, Tamilnadu, India |
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Date of Birth/Age : |
01.03.1946 |
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Date of Appointment : |
19.02.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
30.09.2005
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Names of Shareholders |
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No. of Shares |
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Mr. T. Silvarajoo |
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899500 |
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Mr. S. T. Selvadurai |
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100 |
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Mr. K. R. Sivaraman |
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100000 |
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Mr. G Rajasekaran |
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100 |
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Mr. L Harihara Subramanian |
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100 |
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Mr. R Balakumaran |
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100 |
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Ms. A Rosalin Salome |
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100 |
30.09.2006
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Names of Shareholders |
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Percentage of
Holding |
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Directors or Relatives of Directors |
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100.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers of Thermoplastic materials used for road marking and
painting. |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
Nepal and Dubai |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
Thailand, Australia, Belgium, Japan |
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Terms : |
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Selling : |
Cash and Credit upto 30 days basis |
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Purchasing : |
L/C and Credit upto 30-60 days basis |
GENERAL
INFORMATION
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Customers : |
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No. of Employees : |
Around 60 [In Office – 20 and In Factory – 40] |
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Bankers : |
Canara Bank, Chennai Main Branch, T Nagar, Chennai – 600 017, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N Narsimhan Chartered Accountants |
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Address : |
37C Lakshmi Nagar, Alwarthirunagari, Chennai – 600 087, Tamilnadu,
India |
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Subsidiaries : |
Line of Business: Construction Activity
Line of Business: Manufacturers of Road Safety Systems |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000
millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
No financials are available since incorporation of the company. The
company is poor in corporate compliance.
Mr. Sivaraman, Managing Director assured to provide financials and if
available, it will follow, soon.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2004 |
31.03.2003 |
31.03.2002 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
10.000 |
2.500 |
0.100 |
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2] Share Application Money |
0.000 |
3.500 |
0.000 |
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3] Reserves & Surplus |
0.223 |
0.077 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
10.223 |
6.077 |
0.100 |
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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 |
2.253 |
2.101 |
4.642 |
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TOTAL BORROWING |
2.253 |
2.101 |
4.642 |
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DEFERRED TAX LIABILITIES |
0.035 |
0.081 |
0.000 |
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TOTAL |
12.511 |
8.259 |
4.742 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
3.986 |
1.708 |
1.217 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
1.332 |
2.865 |
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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 |
2.437
|
0.000 |
0.000 |
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Sundry Debtors |
8.626
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5.853 |
0.013 |
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Cash & Bank Balances |
0.135
|
0.131 |
0.115 |
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Other Current Assets |
1.037
|
0.457 |
0.000 |
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Loans & Advances |
2.058
|
0.104 |
0.417 |
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Total
Current Assets |
14.293
|
6.545 |
0.545 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
5.791
|
1.460 |
0.031 |
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Provisions |
0.000
|
0.000 |
0.000 |
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Total
Current Liabilities |
5.791
|
1.460 |
0.031 |
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Net Current Assets |
8.502
|
5.085 |
0.514 |
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MISCELLANEOUS EXPENSES |
0.023 |
0.134 |
0.116 |
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Preliminary Expenses |
0.000 |
0.000 |
0.030 |
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TOTAL |
12.511 |
8.259 |
4.742 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Sales Turnover |
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27.695 |
18.106 |
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Other Income |
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0.076 |
0.220 |
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Total Income |
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27.771 |
18.326 |
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Profit/(Loss) Before Tax |
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0.147 |
0.158 |
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Provision for Taxation |
|
0.082 |
0.081 |
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Profit/(Loss) After Tax |
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0.065 |
0.077 |
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Expenditures : |
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Administrative Expenses |
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1.836 |
1.821 |
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Raw Material Consumed |
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20.043 |
12.457 |
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Product Expenses |
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4.646 |
2.987 |
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Managerial Remuneration |
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0.836 |
0.598 |
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Depreciation & Amortization |
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0.263 |
0.304 |
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Other Expenditure |
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0.000 |
0.000 |
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Total Expenditure |
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27.624 |
18.167 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2004 |
31.03.2003 |
31.03.2002 |
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PAT / Total Income |
(%) |
0.23
|
0.42 |
-- |
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Net Profit Margin (PBT/Sales) |
(%) |
0.53
|
0.86 |
-- |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.80
|
1.65 |
-- |
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Return on Investment (ROI) (PBT/Networth) |
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0.01
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0.02 |
-- |
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Debt Equity Ratio (Total Liability/Networth) |
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1.79
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1.60 |
47.73 |
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Current Ratio (Current Asset/Current Liability) |
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2.47
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4.48 |
17.58 |
LOCAL AGENCY
FURTHER INFORMATION
History
It was originally incorporated as a Private Limited Company, later it
was changed to the present w.e.f. 25th June 2003.
Fixed Assets
- Computer and
Accessories
- Furniture and
Fixtures
- Office
Equipments
- Plant and
Machinery
- Bicycle
- Fax Machine
- Air Conditioner
- Plastic Mould
and Dyes
- Vehicles
- Television
- Cordless
Phone
AS PER WEB:
Profile
The Company has
professionally qualified and well trained personnel who attend to their
allotted jobs with meticulous attention always with an eye on quality and timely
execution. This Company has been started in the year 2001 for manufacturing
Thermoplastic Road Marking Material, and within a short period, their products
manufactured at their modern facility at Chennai, have been well received in
the market.
The Road marking
materials were being imported initially. In order to save on the foreign
exchange component (for import payments) and to provide enhanced employment
opportunities here a manufacturing unit was started and the requisite raw
materials were being imported. The quality of materials produced by them is
thus maintained as the inputs are imported.
The quality of
their products Quality for ISO 9001-2000 Certification.
Chief
Characteristics of the Company’s material:
v
Excellent long
term durability
v
Good day and
night visibility
v
Environmentally
safe
v
Non toxic,
solvent free for safe handling.
v
Exceptional
heat stability
v
High skid
resistance
v
Rapid drying
time
v
Conforms to BS
3262 and MOST 803.4
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.42.67 |
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UK Pound |
1 |
Rs.83.41 |
|
Euro |
1 |
Rs.66.39 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
-- |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
-- |
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--CREDIT LINES |
1~10 |
4 |
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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 |
YES |
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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 |
|
29 |
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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