MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
STAR WHITES LAUNDRY EQUIPMENTS AND SERVICES PRIVATE LIMITED |
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Registered Office : |
Door No. 40/5/5/8, Tikkel Road, Pakeer Gudem, Vijaywada - 520 010,
Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
15.07.2005 |
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Com. Reg. No.: |
01-46886 |
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CIN No.: [Company
Identification No.] |
U29309AP2005PTC046886 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDS17420E |
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PAN No.: [Permanent
Account No.] |
AAJCS1465P |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Sales and Servicing of Laundry Equipments |
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 4000 |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small company having satisfactory track. Trade relations are fair. Business is active. Scale of activity is limited. Payments are reported as slow but correct. 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. S.N. Bhagavan |
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Designation : |
Director |
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Contact No.: |
Mobile no. 91-9848881777 |
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Date : |
03.11.2008 |
LOCATIONS
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Registered Office : |
Door No. 40/5/5/8, Tikkel Road, Pakeer Gudem, Vijaywada - 520 010,
Andhra Pradesh, India |
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Tel. No.: |
91-866-2470492 |
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E-Mail : |
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Website : |
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Area : |
30000 sq ft |
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Location : |
Owned |
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Corporate Office : |
4-28/1, Ferojguda, Opposite Indian Air Lines Central Training
Establishment, Secunderabad - 500 011, Andhra Pradesh, India |
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Tel. No.: |
91-40-27753572/ 65534614 |
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Mobile No. : |
91-9848881777 (Mr. S.N. Bhagavan) |
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Fax No.: |
91-40-27753572 |
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Area : |
2500 sq ft |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. Muralimohan Sesham |
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Designation : |
Managing Director |
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Address : |
D. No. 40-5-5/8, Pakeer Gudem, Tikkel Road, Vijaywada- 520 010, Andhra
Pradesh, India |
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Date of Birth/Age : |
50 Years |
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Qualification : |
H.S.C. |
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Date of Appointment : |
15.07.2005 |
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Name : |
Mrs. Sasikumari Sesham |
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Designation : |
Director |
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Address : |
D. No. 40-5-5/8, Pakeer Gudem, Tikkel Road, Vijaywada- 520 010, Andhra
Pradesh, India |
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Date of Birth/Age : |
48 Years |
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Date of Appointment : |
15.07.2005 |
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Name : |
Mr. Sreenivaa Rao Sesham |
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Designation : |
Director |
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Address : |
D. No. 40-5-5/8, Pakeer Gudem, Tikkel Road, Vijaywada- 520 010, Andhra
Pradesh, India |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Degree |
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Date of Appointment : |
15.07.2005 |
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Name : |
Mr. Nagabhagavan Sesham |
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Designation : |
Managing Director |
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Address : |
D. No. 4-28/1, Ferojguda, Opposite Central Training Establishment,
Secunderabad - 500 011, Andhra
Pradesh, India |
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Date of Birth/Age : |
25 Years |
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Qualification : |
B.E. Elec. |
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Date of Appointment : |
15.07.2005 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Equity Share
Break-up |
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Percentage of
Holding |
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Directors or relatives of the Directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Sales and Servicing of Laundry Equipments |
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Products : |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL
INFORMATION
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Customers : |
End Users |
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No. of Employees : |
30 |
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Bankers : |
Ø Dhana Lakshmi Bank Ø
State Bank of India, Ferojguda Branch, Secunderabad Ø HDFC Bank |
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Facilities : |
The company do not facility from its banker. |
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Banking Relations
: |
--- |
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Auditors : |
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Name : |
Patibandla Associates Chartered Accountants |
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Address : |
A-106, Sri Saidatta Apartments 7-1-621, Srinivasa Nagar East,
Ameerpet, Hyderabad – 500 036, Andhra Pradesh, India |
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Associates/Subsidiaries : |
Ø
Starwhites Trading Company Address: Door No. 40/5/5/8, Tikkel Road, Pakeer Gudem, Vijaywada - 520
010, Andhra Pradesh, India Line of Business: Trader of Laundry Equipments Ø
Starwhites Laundry Equipments Address: Door No. 40/5/5/8, Tikkel Road, Pakeer Gudem, Vijaywada - 520
010, Andhra Pradesh, India Line of Business: Manufacturer of Laundry Equipments |
CAPITAL STRUCTURE
As on 29.09.2007
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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125000 |
Equity Shares |
Rs. 10/- each |
Rs. 1.250 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.100
Million |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover (Estimated) |
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20.000 |
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Expected Sales (2008-09): Rs.50.000 Millions
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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0.100 |
0.100 |
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2] Share Application Money |
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0.650 |
0.100 |
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3] Reserves & Surplus |
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0.076 |
0.003 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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0.826 |
0.203 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.095 |
0.095 |
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TOTAL BORROWING |
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0.095 |
0.095 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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0.921 |
0.298 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.925 |
0.428 |
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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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DEFERREX TAX ASSETS |
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0.037 |
0.000 |
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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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1.076 |
0.211 |
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Sundry Debtors |
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0.882 |
1.118 |
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Cash & Bank Balances |
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0.459 |
0.479 |
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Other Current Assets |
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0.023 |
0.059 |
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Loans & Advances |
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0.158 |
0.065 |
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Total
Current Assets |
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2.598 |
1.932 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.580 |
2.059 |
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Provisions |
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0.070 |
0.016 |
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Total
Current Liabilities |
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2.650 |
2.075 |
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Net Current Assets |
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[0.052] |
[0.143] |
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MISCELLANEOUS EXPENSES |
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0.011 |
0.013 |
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TOTAL |
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0.921 |
0.298 |
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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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14.588 |
3.068 |
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Other Income |
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1.062 |
0.653 |
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Total Income |
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15.650 |
3.721 |
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Profit/(Loss) Before Tax |
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0.121 |
0.020 |
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Provision for Taxation |
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0.048 |
0.017 |
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Profit/(Loss) After Tax |
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0.073 |
0.003 |
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Expenditures : |
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Increase/(Decrease) in Finished Goods |
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[0.865] |
[0.211] |
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Depreciation & Amortization |
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0.142 |
0.032 |
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Other Expenditure |
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16.252 |
3.880 |
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Total Expenditure |
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15.529 |
3.701 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.47 |
0.08 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.82 |
0.65 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.40 |
0.85 |
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Return on Investment (ROI) (PBT/Networth) |
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0.15 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.32 |
10.69 |
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Current Ratio (Current Asset/Current Liability) |
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0.98 |
0.93 |
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
PROFILE
Engineering is all about innovating the latest solutions to
solve the various business related and other daily chore complexities. Subject
is a distinguished manufacturer, importer, trader and supplier of extraordinary industrial laundry solutions such as industrial
washing machine (side/front loading), direct drive hydro extractor, non-coaxial
hydro extractor, tumble drier, flat work ironer steam heated roller, vacuum
finishing tables, electrical steam boilers, etc.
The entity has earned a reputed share in the same discipline by manufacturing unmatched solutions for varied industrial sectors. Since their inception in the year 1992, their philosophy has been to avail the know how experiences of their technicians to the benefits of their clients, in order to achieve the best performance through correct installation and operation of their laundry equipments.
It is a matter of pride for them to state that they are the only Indian laundry equipment company with a background in professional laundry processing. They maintain stringent quality control procedures at every level of the manufacturing process that facilitates flawless production. Their impeccable quality helps them to gain a substantial market share in the similar trade. They also supply qualified and experienced workforce for the actual installation, starting, personal training, etc. Every item is a result of an extensive research and the observations made by their technical experts, capable of providing the ultimate satisfaction.
Application of the
Products
They are a distinguished manufacturer, importer, trader and supplier of industrial laundry equipments, finding immense applications in many service sectors, such as:
- Laundries
- Hotels
- Hospitals
- Residential
Institutions.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.48.62 |
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UK Pound |
1 |
Rs.76.71 |
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Euro |
1 |
Rs.61.30 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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27 |
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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