MIRA
INFORM REPORT
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Report Date : |
04.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
RED ROBIN INTERNATIONAL LIMITED |
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Formerly Known As : |
RED ROBIN EXPORTS AND INDUSTRIES LIMITED |
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Registered Office : |
Kapadia Chamber (Basement), 51 Devji Ratansey Marg, Dana Bunder Off P
D Mello Road, Mumbai 400009, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
10.06.1992 |
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Com. Reg. No.: |
11-067178 |
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CIN No.: [Company
Identification No.] |
U51900MH1992PLC067178 |
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Legal Form : |
A Closely held Public Limited Company. |
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Line of Business : |
Trading Activity. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 207720 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Unknown |
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Comments : |
Mr. Salian, Accounts Executive denied to part any details of the
company and it’s operations. The company is poor in corporate governance since it failed to
comply registry requirements
of filing annual report every year. The company is not favorably spoken in the market for it’s dealings. It’s payments are reported as slow and delayed. In view of the aforesaid the company can be considered for any
business dealings on safe and secured trade terms and conditions only. |
INFORMATION
DECLINED BY
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Name : |
Mr. Salian |
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Designation : |
Accounts Executive |
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Date : |
04.11.2008 |
LOCATIONS
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Registered Office/Head : |
Kapadia Chamber (Basement), 51 Devji Ratansey Marg, Dana Bunder Off P
D Mello Road, Mumbai 400009, Maharashtra, India. |
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Tel. No.: |
91-22-56314433/34/35/36 / |
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Fax No.: |
91-22-23738555 |
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E-Mail : |
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Branches : |
·
F
9/A-1, Panchsheel Enclave, New Delhi - 110 017 ·
30-8-24,
Bhanu Street, Dhaba Gardens, Vizag - 530 020, Andhra Pradesh ·
22, Kondaliar
Street, Kondithope, Chennai - 600 079, Tamilnadu ·
302,
Plaza Centre, Tagore Road, Plot - 117, Sector 8, 0510, Golai, Gandhidham,
Gujarat ·
10,
Khalap Mansion, P. O. Box No. 94, Vasco-de-Gama - 400 802, Goa |
DIRECTORS
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Name : |
Mr. Sudarshan Goel |
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Designation : |
Director |
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Address : |
5th Floor, Laxmi Bhavan, 67/69, Bora Bazar Street, Fort,
Mumbai 400001, Maharashtra |
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Date of Birth/Age : |
09.03.1944 |
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Date of Appointment : |
15.06.2006 |
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Name : |
Mr. Siva Kumar Pillai |
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Designation : |
Director |
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Address : |
Flat No 13, Bldg. 8/B, Plot No.5/1, 3rd Floor, Hashlesha
Soc. Nagri Nivara Parishad, Goregaon (W), Mumbai 400097, Maharashtra. |
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Date of Birth/Age : |
17.11.1970 |
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Date of Appointment : |
01.04.2006 |
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Directorship in Other Companies: |
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CIN of Company: |
U51900MH2006PTC158816 |
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Name of the Company: |
MAGPIE GLOBAL PRIVATE LIMITED |
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Designation: |
Director |
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Name : |
Mr. Manoj Goyal |
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Designation : |
Director |
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Address : |
G-491, 13 Street Gamma 2, Sector Gamma-2, Greater Noida, Noida 201301,
Uttar Pradesh. |
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Date of Birth/Age : |
13.08.1970 |
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Date of Appointment : |
01.04.2006 |
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Name : |
Ms. Poonam Garg |
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Designation : |
Director |
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Address : |
134, Maker Tower – H, Cuffe Parade, Colaba, Mumbai 400005,
Maharashtra. |
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Name : |
Mr. Iswar Singh |
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Designation : |
Director |
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Address : |
A/284, Surya Nagar,
Ghaziabad, Uttar Pradesh |
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Date of Birth/Age : |
01.01.1941 |
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Date of Appointment : |
10.06.1992 |
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Name : |
Mr. Tikka Shatrujit Singh |
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Designation : |
Director |
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Address : |
B-90 A, Greater Kailash –
1, New Delhi – 110 048 |
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Date of Birth/Age : |
27.12.1961 |
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Date of Appointment : |
04.09.1988 |
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Name : |
Mr. Kanhyalal Varma |
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Designation : |
Managing
Director |
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Address : |
D/3,
Sunderam Flats, L. D. Engineering College Compound, Ahmedabad – 380 015,
Gujarat. |
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Date of Birth/Age : |
01.10.1937 |
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Date of Appointment : |
28.03.1995 |
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Name : |
Mr. Ashok Garg |
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Designation : |
Chairman |
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Address : |
134,
Maker Tower 4, Cuffe Parade, Colaba, Mumbai – 400 005, Maharashtra |
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Date of Birth/Age : |
15.09.1955 |
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Date of Appointment : |
10.06.1992 |
BUSINESS DETAILS
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Line of Business : |
Trading Activity. |
GENERAL
INFORMATION
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Bankers : |
·
Canara Bank,
Fort Market Branch, frere
Road, Mumbai – 400 038, Maharashtra ·
ICICI Bank Limited ·
ABN AMRO Bank NV ·
Standard Chartered Bank |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagdish B Shah and Associates, Chartered Accountants, (Formerly-Shah S Vora and Co) |
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Address : |
115, Rewa Chambers, 10, New Marine Lines, Mumbai 400020, Maharashtra. |
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Tel. No.: |
91-22-56335420/21 |
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Fax No.: |
91-22-56335422 |
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E-Mail : |
jbshahassociates@indiatimes.com |
CAPITAL STRUCTURE
(As On 31.03.2005)
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5500000 |
Equity Share |
Rs. 10/- Each |
Rs.55.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3198720 |
Equity Shares |
Rs. 10/-
Each |
Rs.31.987
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Note: No Latest
financials could be available from any Sources. Management remained non
co-operative during current investigation.
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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31.987 |
31.987 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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9.557 |
8.568 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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41.544 |
40.555 |
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LOAN FUNDS |
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1] Secured Loans |
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22.027 |
26.790 |
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2] Unsecured Loans |
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3.403 |
3.745 |
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TOTAL BORROWING |
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25.430 |
30.535 |
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DEFERRED TAX LIABILITIES |
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2.630 |
2.291 |
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TOTAL |
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69.604 |
73.381 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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17.599 |
15.467 |
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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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0.000 |
0.000 |
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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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31.881 |
43.675 |
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Sundry Debtors |
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44.850 |
41.809 |
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Cash & Bank Balances |
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1.558 |
2.835 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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7.628 |
6.387 |
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Total
Current Assets |
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85.917 |
94.706 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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33.199 |
36.321 |
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Provisions |
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0.761 |
0.565 |
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Total
Current Liabilities |
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33.960 |
36.886 |
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Net Current Assets |
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51.957 |
57.820 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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PRELIMINARY EXPENCES |
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0.048 |
0.094 |
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TOTAL |
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69.604 |
73.381 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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Sales Turnover |
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224.292 |
161.204 |
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Other Income |
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0.908 |
0.135 |
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Total Income |
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225.200 |
161.339 |
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Profit/(Loss) Before Tax |
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1.536 |
0.762 |
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Provision for Taxation |
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0.547 |
0.406 |
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Profit/(Loss) After Tax |
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0.989 |
0.356 |
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Earnings in Foreign Currency : |
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Export Earnings |
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93.188 |
76.719 |
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Commission Earnings |
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NA |
NA |
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Other Earnings |
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NA |
NA |
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Total Earnings |
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93.188 |
76.719 |
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Import Value |
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116.876 |
100.993 |
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Expenditures : |
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Cost of Goods Sold |
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194.618 |
133.360 |
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Selling and Distribution Expenses |
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8.632 |
5.784 |
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Administrative Expenses |
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14.563 |
15.639 |
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Financial Expenses |
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4.261 |
3.911 |
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Other Expenditure |
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1.590 |
1.883 |
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Total Expenditure |
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223.664 |
160.577 |
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KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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0.44 |
0.22 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.68 |
0.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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1.48 |
0.69 |
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Return on Investment (ROI) (PBT/Networth) |
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0.04 |
0.02 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.43 |
1.66 |
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Current Ratio (Current Asset/Current Liability) |
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1.65 |
2.57 |
LOCAL AGENCY
FURTHER INFORMATION
FIXED ASSETS:
·
Goodwill
·
Office Equipment
·
Furniture and Fixture
·
Vehicle
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Computer
·
Building
Other Details:
Review of Operation:
During the year, the company has registered a
Total income of Rs. 225.200 Millions as against Rs. 161.340 Millions in the
year. The Turnover is inclusive of Earning in Foreign Currency for sale to
Foreign going merchant vessel and Exports of Rs. 93.188 Millions as against Rs.
76.719 Millions in the previous year.
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.48.96 |
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UK Pound |
1 |
Rs.80.26 |
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Euro |
1 |
Rs.63.08 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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21 |
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 |
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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 |
|
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 |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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