MIRA
INFORM REPORT
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Report Date : |
05.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
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Registered Office : |
Unit No. 16 C, Shivam Industrial Estate, Behind J R Hotel Near Tungar
Fata, Sativali, Vasai [E], Thane, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
Since 1993 |
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Com. Reg. No.: |
SSI Registration No. 10793 Dt. 12.03.2003 |
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IEC No.: |
0300031254 |
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PAN No.: [Permanent
Account No.] |
AAMPS4738B |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Labour job of Printed Packaging Materials |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
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Comments : |
Subject is an established concern in its field. Trade relations are
fair. Business is active. Partners are reported as experienced and respectable
business. No complaints have been heard from the market sources. It would be advisable to take adequate securities while dealing with
the subject. |
INFORMATION PARTED
BY
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Name : |
Mr. Bhaven M. Sheth |
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Designation : |
Husband of Proprietress |
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Contact No.: |
91-9890696543 |
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Date : |
01.11.2008 |
LOCATIONS
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Registered Office : |
Unit No. 16 C, Shivam Industrial Estate, Behind J R Hotel Near Tungar
Fata, Sativali, Vasai [E], Thane, Maharashtra, India |
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Tel. No.: |
95250-2481654 / 653 |
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Mobile No.: |
91-9890696543 / 9821277414 |
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Fax No.: |
95250-2481653 |
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Area : |
900 sq. ft. [Owned] |
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Factory : |
Unit No. 16 A/C/C, Shivam
Industrial Estate, Behind J R Hotel Near Tungar Fata, Sativali, Vasai [E],
Thane, Maharashtra, India |
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Tel. No.: |
95250-2481654 / 653 |
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Fax No.: |
95250-2481653 |
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Area : |
2900 sq. ft. [Owned] |
SOLE PROPRIETOR
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Name : |
Mrs. Sonal Bhaven Sheth |
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Designation : |
Proprietress |
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Address : |
64, Shreeji Darshan, S. V. Road, Kandivali [West], Mumbai – 400067,
Maharashtra, India |
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Date of Birth/Age : |
22.08.1967 [41 Years] |
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Qualification : |
B. Com. , L.L.B. |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Labour job of Printed Packaging Materials |
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Products : |
Offset Printing on Paper / Board etc. |
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Terms : |
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Selling : |
Credit [90 days] |
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Purchasing : |
Credit [60 days] |
GENERAL
INFORMATION
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Suppliers : |
Om Vir Enterprises 3, Rachana C. H. S. Limited, Laxminarayan Temple Road, Borivali (West), Mumbai – 400091, Maharashtra, India Tel No.: 91-22-28944642 Mobile No.: 91-9820007969 Jinendra Agencies 17, Tulsi Kunj, Kandivali (West), Mumbai – 400067, Maharashtra, India Tel No.:91-22-28011054 Mobile No.:9821191043 P. J. Enterprises B2, 1st Floor, Pragati Building, Manchubhai Road, Malad (East), Mumbai – 400097, Maharashtra, India Tel No.:91-22-28885555/ 28893000 Arun Darshan
Graphic C-7, Pragati Building, 1st Floor, Manchubhai Road, Malad (East), Mumbai – 400097, Maharashtra, India Tel No.: 91-22-28885555/ 28893000 Om Vir
Print-O-Packs Private Limited Om Vir House. 19-A/ 19-B, Shivam Industrial Estate, Village Sativali, Taluka Vasai, District Thane, Maharashtra, India Tel No.:1250-2480913/ 2480940
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Customers : |
End Users
Navneet Bhavan, Bhavani Shankar Road,
Dadar [West], Mumbai – 4000028 Tel No. : 91-22-56626565
6, Radhika Nivas, Ground Sir M. V. Road,
Near Vishal, Andheri [East], Mumbai – 400089 Tel No.: 91-22-28337566 Mobile No.: 91-9322171569 / 9323033176
Raj Prabha Udyog Nagar, Building No. 5,
Gala No. 82, Golani Naka, Valiv Road, Opposite Royal Plaza, Hotel, Vasai
[East], Thane – 3091044
13, Shivshanker Industrial Estate, Behind
B. P. Petrol Pump, Vasai [East], Thane Tel No.: 91-22-2461805
18 A, Shivam Industrial Estate, Behind J.
R. Hotel Near Tungar Fata, Sativali, Vasai [East], Thane – 401208 Tel No.: 2481263
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No. of Employees : |
18 [In Office : 3 and In Factory : 15] |
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Bankers : |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sandeep R Desai Chartered Accountants |
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Address : |
Shop No. 9, Marble Arch, Yashwant Rao Tawde Road, Near Railway
Station, Dahisar [East], Mumbai – 400068, Maharashtra, India |
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Tel. No.: |
91-22-28942968 |
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Mobile No.: |
91-9821284160 |
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E-Mail : |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.03.2008
CAPITAL
ACCOUNT
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Particulars |
Amount |
Particulars |
Amount |
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To Drawings |
0.060 |
By Balance B/F |
3.923 |
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To Cheques |
0.675 |
By Dividend |
0.000 |
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To TDS |
0.209 |
By Net Profit |
1.287 |
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To Advance Tax |
0.150 |
By Furniture Introduced |
0.505 |
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To Income |
0.022 |
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To Balance C/F |
4.599 |
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Total |
5.715 |
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5.715 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2008 |
31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.599 |
3.923 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.599 |
3.923 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.118 |
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2] Unsecured Loans |
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2.927 |
1.875 |
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TOTAL BORROWING |
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2.927 |
1.993 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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7.526 |
5.916 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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6.744 |
5.922 |
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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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0.136 |
0.136 |
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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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0.312 |
0.104 |
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Sundry Debtors |
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1.930 |
1.603 |
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Cash & Bank Balances |
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0.173 |
0.022 |
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Other Current Assets |
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0.394 |
0.279 |
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Loans & Advances |
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0.273 |
0.303 |
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Total
Current Assets |
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3.082 |
2.311 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.284 |
2.290 |
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Provisions |
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0.152 |
0.163 |
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Total
Current Liabilities |
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2.436 |
2.453 |
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Net Current Assets |
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0.646 |
[0.142] |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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7.526 |
5.916 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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9.768 |
8.238 |
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Other Income |
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0.023 |
0.091 |
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Total Income |
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9.791 |
8.329 |
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Net Profit |
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1.287 |
1.174 |
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Expenditures : |
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Cost of Goods Sold |
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5.223 |
3.972 |
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Payment to Auditors |
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0.019 |
0.019 |
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Interest |
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0.061 |
0.124 |
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Insurance Expenses |
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0.021 |
0.059 |
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Depreciation & Amortization |
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0.943 |
0.921 |
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Other Expenditure |
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2.237 |
2.060 |
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Total Expenditure |
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8.504 |
7.155 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
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PAT / Total Income |
(%) |
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13.14 |
14.10 |
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Net Profit Margin (PBT/Sales) |
(%) |
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13.18 |
14.25 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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13.10 |
14.26 |
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Return on Investment (ROI) (PBT/Networth) |
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0.28 |
0.30 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.17 |
1.13 |
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Current Ratio (Current Asset/Current Liability) |
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1.27 |
0.94 |
LOCAL AGENCY
FURTHER INFORMATION
Details of Fixed
Assets
Land and Building : Rs. 1.543 Millions
Plant and Machinery : Rs. 4.282 Millions
Furniture and Fixture : Rs. 0.920 Million
FINANCIAL ANALYSIS
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Last Available financial statement |
31.03.2008 |
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Recent summary Financials |
AS on 30.09.2008 Sales Rs. 5.951 Millions Purchases Rs. 2.806 Millions |
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Advance Tax Paid |
Will be paid on due basis |
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Debtors Position [At last month ended 30.09.2008 specify amount > 90 days] |
Rs. 3.016 Millions |
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Creditors Position [At last month ended 30.09.2008 specify amount > 90 days] |
Rs. 1.402 Millions |
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Stock Position [at last month end] |
Rs. 0.400 Million |
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Drawing Power |
Credit Balance – NA |
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Any other material development |
New unit is being established |
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Whether the critical ratios conforms to the bench mark stipulation |
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REVIEW OF BANK
STATEMENTS FOR THE LAST SIX MONTHS
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Number of Credit / Debits, month – wise |
PAYMT- 306: Credit – 159 |
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Month – Wise credits into the Account [Block credits and bounces/reversals to be ignored] |
For the last 6 months Deposit Rs. 7.932 Millions Payment Rs. 7.947 Millions |
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Cheque bounces |
NA |
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Evidence of
servicing existence debt obligations |
NA |
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Line Utilisation – any evidence of perennial overdrawing |
NA |
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Evidence of statutory dues being paid on time |
NA |
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PF and employee related |
NA |
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Municipal and Corporation Taxes |
Yes |
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Last utility payment made [electricity] |
Paid upto September, 2008 |
FOR MANUFACTURING
ENTITIES / FACTORY SITE [S]
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Location of Plot, accessibility, proximity to other units |
Convenient |
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Principal raw material [s] and sources |
Paper / Board |
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Manufacturing Process |
Offset Printing |
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Major branded and imported machines, installed |
Major Machines are Imported |
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Pollution Control : Any pollutants being generated and their disposal |
NA |
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Power : Connected load and back up availability |
65 KWH and Generator |
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Inventory / WIP / Finished Goods at the site |
Available |
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Storage / Security / Perishability/ Susceptibility to fire and
weather |
Satisfactory |
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Quality Certification |
NA |
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Workers / Split to temporary and permanent / any unions |
NA |
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History of any strikes / any child labour / working conditions |
NA |
SWOT ANALYSIS OF THE
UNIT
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Strengths Group in business for more than Five decade – well accepted corporate
clients such as Navneet Publication [India] Limited, L & T, Beiersdorf
India Private Limited, Glenmark Pharma, Charak Pharma, Centaur Pharma
etc. |
Weakness
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Opportunities Plenty and growing rapidly. |
Threats Competition is on the increase |
CONCLUDING REMARKS /
SUMMARY OF FINDINGS :
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Sr. No. |
Summary of Findings |
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1 |
Good manufacturing facilities with proven
customers |
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2 |
Substantial investment in building and plant
and machinery |
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3 |
Good rack record – Financial and otherwise |
PERSONAL ASSETS OF
THE PROPEITRESS
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Name |
Description of
the Assets owned by them as on 31.03.2008 |
Amount [Rs. In
Millions] |
Whether offered
as security |
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Sonal B. Sheth |
Industrial Gala 16 B and C |
1.017 |
Yes |
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Industrial Gala 16 A |
0.528 |
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Industrial Gala 15 G |
0.100 |
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SUPPLYING UNDER
GARMENT COMPANIES LIKE
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Brand |
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Juliet Products |
Juliet |
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Shalibha Trading and Company |
Sonazi |
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Little Lacy [India] Private Limited |
Little Lacy |
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Kim Sim Creation |
Lady Care |
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Simandhar Trading and Company |
Salient |
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Ajay Vijay Industries |
Profit |
SUPPLYING FOOD
PRODUCTS COMPANIES LIKE
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Mayaram Foods Limited |
Talaf Tea |
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Gujarat Tea Traders Private Limited |
Mayur Tea |
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Volga Confectionery Private Limited |
Volga |
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Range Foods Limied |
Good Food |
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Anand Food and Dairy Products [Agent] |
Haveat |
ASSUMPTIONS:
SALES:
Sales are based on the current growth plans of the major customers. The average number of colour prints and average sizes have been considered.
Sales realization are based on the current prices and assumed growth only at 10%.
Sales from the computer to plate are based on the customer factor unexpected contingencies.
Sales from direct customers are based on the past experience.
MATERIALS PRICES:
Existing line of business, quality is for average mix and the prices are as prevalent now.
For the computer to plate business, materials cost is assumed at the industry standard after providing for nominal loss.
Materials cost is based on the available price list.
OVERHEAD:
These are inflated for normal increase and additional man power needs.
Requirement of additional labour for volume increase has also been provided.
Synergies arising out of combined business are factored.
POWER:
Though the unit does not require large power is based on the technical factors and the cost is inflated arising out of combined business are factored.
SALES AND
ADMINISTRATION EXPENSES:
Inflation impact and wherever applicable volume impact have been considered.
INTEREST:
Fixed interests rate is considered
DEPRECIATION:
Depreciation has been assumed as per IT rates on WDV basis and the net assets are also shown on WDV basis in the balance sheet as has been practice.
DUTIES AND TAXES:
These are taken as per current structure.
OTHER BUSINESS INTERESTS OF THE PROMOTERS:
SHETH GROUP has been
in the printing business for more than five decades. They have gained extensive
experience and exposure in the printing business. In our group, a number of
concerns catering to the various requirements of the printing industry. The
group concerns and associate concerns are evolved to derive strategic benefits
and/ or to comply with various regulatory aspects.
The group/family concerns
include:
Sheth Impressions:
The unit achieved a turnover of Rs.21.844 millions for the year ended 31 March,
2008.
Excel Enterprises:
The unit achieved a turnover of Rs.10.230 millions for the year ended 31 March,
2008.
Shivam Offset: The
unit achieved a turnover of Rs.9.437 millions for the year ended 31 March,
2008.
And Printech as
business associate concerns.
The group has well
knit manufacturing facilities and the machines at the disposal.
The group has been
catering to blue companies.
To name a few:
Navneet Publication (I) Limited, L & T, Beiersdorf India Private Limited,
Glenmark Pharma, Charak Pharma, Centaur Pharma etc.
The existing
customers have time and again approached the group to start the computer to
conventional plate making unit and increase in the capacity with new
technology. The group is now convinced that current requirement of the existing
customers are more than enough to achieve break even. In fact, it is this
comfort situation that has made the group to finalise the plan for adding
computer to conventional plate making unit, purchase of various new machines
for the offset printing jobs and acquisition of premises to carry out
expansion.
( Rs.
In Millions)
|
MONTH |
DEPOSIT |
MONTH |
PAYMENT |
|
April, 08 |
0.906 |
April, 08 |
1.099 |
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May, 08 |
0.704 |
May, 08 |
0.776 |
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June, 08 |
0.805 |
June, 08 |
1.044 |
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July, 08 |
0.711 |
July, 08 |
0.535 |
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August, 08 |
1.037 |
August, 08 |
1.159 |
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September, 08 |
3.769 |
September, 08 |
3.334 |
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|
7.932 |
|
7.947 |
PROJECTION OF
PERFORMANCE, PROFITABILITY AND REPAYMENT
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
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Projected |
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A. Production
during the year [quality] % age utilization of installed capacity |
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B Sales |
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1. Sales including all miscellaneous receipts |
18.000 |
31.000 |
34.100 |
37.510 |
39.386 |
41.355 |
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2. Less Excise |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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3. Net Sales |
18.000 |
31.000 |
34.100 |
37.510 |
39.386 |
41.355 |
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C. Cost of
Production |
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1. Raw Material
Consumed |
8.820 |
15.190 |
17.050 |
18.755 |
20.201 |
21.201 |
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2. Power and
Fuel |
0.700 |
1.150 |
1.385 |
1.685 |
1.850 |
2.050 |
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3. Direct Labour
and wages |
1.750 |
3.700 |
4.070 |
4.477 |
4.525 |
4.715 |
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4. Consumable
Stores |
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5. Repairs and
maintenance |
0.600 |
0.600 |
0.650 |
0.700 |
0.750 |
0.800 |
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6. Other
Manufacturing Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
7. Depreciation
/ Development Rebate Reserve |
2.501 |
3.773 |
3.379 |
3.090 |
3.233 |
3.319 |
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Total cost of
Production |
14.371 |
24.413 |
26.534 |
28.707 |
30.559 |
32.085 |
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8. Add |
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Opening Stock –
Closing Stock in Process and finished goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
14.371 |
24.413 |
26.534 |
28.707 |
30.559 |
32.085 |
|
9. Deduct –
Closing stock in process and finished goods |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
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D. Cost of Sales
|
14.371 |
24.413 |
26.534 |
28.707 |
30.559 |
32.085 |
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|
E. Gross Profit
[B-D] |
3.629 |
6.587 |
7.566 |
8.803 |
8.827 |
9.270 |
|
|
|
|
|
|
|
|
|
F. Interest on |
|
|
|
|
|
|
|
1. Term Loan |
0.633 |
2.245 |
1.713 |
1.181 |
0.648 |
0.136 |
|
2. Working
Capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
3. Other Loans,
if any |
0.180 |
0.180 |
0.180 |
0.180 |
0.180 |
0.180 |
|
|
|
|
|
|
|
|
|
G. Selling,
General and Administrative Expenses |
0.875 |
0.975 |
1.060 |
1.145 |
1.235 |
1.405 |
|
|
1.688 |
3.400 |
2.953 |
2.506 |
2.063 |
1.721 |
|
H. Profit before
Taxation [E-(F+G)] |
1.941 |
3.187 |
4.613 |
6.297 |
6.764 |
7.549 |
|
|
|
|
|
|
|
|
|
I. Provision for
Taxes |
0.400 |
0.700 |
1.000 |
1.500 |
1.600 |
1.900 |
|
|
|
|
|
|
|
|
|
J. Net Profit
[H-I] |
1.541 |
2.487 |
3.613 |
4.797 |
5.164 |
5.649 |
|
|
|
|
|
|
|
|
|
K. Depreciation
added back |
2.501 |
3.773 |
3.379 |
3.191 |
3.233 |
3.319 |
|
|
|
|
|
|
|
|
|
L. Net Cash
Accruals |
4.042 |
6.260 |
6.992 |
7.887 |
8.397 |
8.968 |
|
|
|
|
|
|
|
|
|
M. Repayment
obligation [1+2] |
|
|
|
|
|
|
|
1. Towards Term
Loan |
0.306 |
3.672 |
3.672 |
3.672 |
3.672 |
2.481 |
|
2. Towards Other
Loans |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
1.500 |
|
|
|
|
|
|
|
|
|
N. Debt Service
Ratio [L:M] |
1.321 |
0.170 |
0.190 |
0.215 |
0.229 |
0.361 |
|
|
|
|
|
|
|
|
|
Dividend
[Drawings] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Transfer to
Capital A/c |
1.541 |
2.487 |
3.613 |
4.797 |
5.164 |
5.649 |
CASH FLOW
STATEMENT
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
A. SOURCES OF
FUNDS |
|
|
|
|
|
|
|
1. Cash Accruals
|
2.754 |
5.612 |
6.506 |
7.658 |
7.592 |
7.865 |
|
2. Increase in
share capital / equity / performance |
5.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
3.
Depreciation |
2.501 |
3.773 |
3.379 |
3.090 |
3.233 |
3.319 |
|
4. Increase in
long term loans / debentures |
17.475 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
5. Increase in
deferred payment facilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
6. Decrease in
current assets |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
7. Increase in
bank borrowings for working capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
8. Sales of
fixed assets / investments |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
9. Others
[specify] increase in Current Liability |
0.000 |
0.000 |
0.000 |
0.000 |
0.229 |
0.175 |
|
|
|
|
|
|
|
|
|
Total Sources
[a] |
27.730 |
9.385 |
9.885 |
10.748 |
11.054 |
11.359 |
|
|
|
|
|
|
|
|
|
B. DISPOSITION
OF FUNDS |
|
|
|
|
|
|
|
1. Preliminary
and pre- Operative Expenses |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
2. Increase in
Capital Expenditure |
23.500 |
0.000 |
1.200 |
2.000 |
4.500 |
4.200 |
|
3. Increase in
Current Assets [net] |
2.524 |
2.495 |
2.129 |
2.245 |
0.450 |
0.870 |
|
3.1 Inventories |
|
|
|
|
|
|
|
3.2 Others |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4. Decrease in
long term loans . debentures |
0.462 |
3.672 |
3.672 |
3.672 |
3.672 |
3.981 |
|
|
|
|
|
|
|
|
|
5. Decrease in
Deferred payment facilities |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
6. increase in
investment |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
7. Interest |
0.813 |
2.425 |
1.893 |
1.361 |
0.828 |
0.316 |
|
|
|
|
|
|
|
|
|
8. Taxation |
0.400 |
0.700 |
1.000 |
1.500 |
1.600 |
1.900 |
|
|
|
|
|
|
|
|
|
9. Dividend
[amount and rate] [drawings] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
10. Other
expenses [specify] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
11. Decrease in
Bank for Working Capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
Total
Disposition [b] |
27.699 |
9.292 |
9.894 |
10.778 |
11.050 |
11.267 |
|
|
|
|
|
|
|
|
|
C. Opening
Balance |
0.173 |
0.204 |
0.297 |
0.288 |
0.258 |
0.262 |
|
|
|
|
|
|
|
|
|
D. Net Surplus
[a-b] |
0.031 |
0.093 |
[0.009] |
[0.030] |
0.004 |
0.092 |
|
|
|
|
|
|
|
|
|
E. Closing
Balance |
0.204 |
0.297 |
0.288 |
0.258 |
0.262 |
0.354 |
PROJECTED BALANCE
SHEET
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
A. LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Capital A/c |
11.140 |
13.627 |
17.240 |
22.037 |
27.201 |
22.850 |
|
|
|
|
|
|
|
|
|
2. Reserve and
Surplus |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
3. Term Loan |
|
|
|
|
|
|
|
- Bank |
17.169 |
13.497 |
9.825 |
6.253 |
2.481 |
0.000 |
|
- Unsecured |
3.500 |
3.500 |
3.500 |
3.500 |
3.500 |
2.000 |
|
|
|
|
|
|
|
|
|
4. Bank
Borrowing for working capital |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
5. Other
Liabilities |
2.825 |
4.830 |
3.800 |
2.645 |
2.875 |
3.050 |
|
|
|
|
|
|
|
|
|
TOTAL
LIABILITIES |
34.634 |
35.454 |
34.365 |
34.335 |
36.057 |
37.900 |
|
|
|
|
|
|
|
|
|
B. ASSETS |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1. Gross Block
[WDV] |
33.177 |
33.177 |
34.376 |
36.376 |
40.877 |
45.077 |
|
|
|
|
|
|
|
|
|
2. Depreciation |
[5.433] |
[9.206] |
[12.858] |
[15.675] |
[18.908] |
[22.227] |
|
|
|
|
|
|
|
|
|
3. Net Block |
27.744 |
23.971 |
21.791 |
20.701 |
21.969 |
22.850 |
|
|
|
|
|
|
|
|
|
4. Investment |
0.136 |
0.136 |
0.136 |
0.136 |
0.136 |
0.136 |
|
|
|
|
|
|
|
|
|
5. Current
Assets |
6.550 |
11.050 |
12.150 |
13.240 |
13.690 |
14.560 |
|
|
|
|
|
|
|
|
|
6. Cash and bank
Balance |
0.204 |
0.297 |
0.288 |
0.258 |
0.262 |
0.354 |
|
|
6.890 |
11.483 |
12.574 |
13.634 |
14.088 |
15.050 |
|
TOTAL ASSETS |
34.634 |
35.454 |
34.365 |
34.335 |
36.057 |
37.900 |
Note : Include Rs.
5.000 Millions to be introduced by the promoter.
ASSESSMENT OF WORKING
CAPITAL REQUIREMENTS
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
I. CURRENT
ASSETS |
|
|
|
|
|
|
|
1. Raw Materials
Including Stores |
0.800 |
0.900 |
1.000 |
1.200 |
1.400 |
1.500 |
|
1.1 Imported
[Month’s consumption] |
|
|
|
|
|
|
|
1.2
Indigenous [Month’s consumption] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2. Other
Consumable Spares |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
3.
Stock-in-process [Month’s cost of
production] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
4. Finished
Goods [Month’s cost of
production] |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
|
5 Receivable other than export and deferred
receivables [including bills purchased and discounted by bankers] |
5.250 [3.5 M] |
9.050 [3.5 M] |
9.950 [3.5 M] |
10.940 [3.5 M] |
11.450 [3.5 M] |
12.060 [3.5 M] |
|
Months domestic sales |
|
|
|
|
|
|
|
[excluding deferred payment sales] |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 Export receivables [including bills
purchased and discounted by bankers months export sales] |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
7 Advances to suppliers of raw materials and
stores / spares consumable |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
8 Other current Assets including cash and
bank balances and deferred receivable due within one year |
0.704 |
1.397 |
1.488 |
1.358 |
1.102 |
1.354 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT ASSETS |
6.754 |
11.347 |
12.438 |
13.498 |
13.952 |
14.914 |
|
|
|
|
|
|
|
|
|
II. CURRENT
LIABILITIES |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
1 Creditors for
purchases of raw materials and stores and consumable spares |
2.575 [3.5 M] |
4.430 [2.5 M] |
3.55 [2.5 M] |
2.3 [1.5 M] |
2.525 [1.5 M] |
2.650 [1.5 M] |
|
|
|
|
|
|
|
|
|
2. Advances from customers |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
3. Accrued
Expenses |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
4. Statutory
liabilities |
-- |
-- |
-- |
-- |
-- |
-- |
|
|
|
|
|
|
|
|
|
5. Other current
liability |
0.250 |
0.400 |
0.250 |
0.300 |
0.350 |
0.400 |
|
|
|
|
|
|
|
|
|
TOTAL |
2.825 |
4.830 |
3.800 |
2.645 |
2.875 |
3.050 |
|
|
|
|
|
|
|
|
|
III. Working
Capital Gap [I-II] |
3.929 |
6.517 |
8.638 |
10.853 |
###### |
11.864 |
|
|
|
|
|
|
|
|
|
IV. Margin for
Working Capital |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
|
|
V. Bank
Borrowings |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
0.00 |
DEPRECIATION ON FIXED ASSETS
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
PLANT AND MACHINERY
OPENING WDV |
4.265 |
19.905 |
16.919 |
15.307 |
14.936 |
15.008 |
|
ADD : Purchases
during the year |
17.600 |
0.000 |
1.000 |
2.000 |
2.500 |
4.000 |
|
[A] |
21.865 |
19.905 |
17.919 |
17.307 |
17.436 |
19.008 |
|
Less :
Depreciation @ 15 % |
[1.960] |
[2.986] |
[2.613] |
[2.371] |
[2.428] |
[2.551] |
|
TOTAL |
19.905 |
16.919 |
15.307 |
14.936 |
15.008 |
16.457 |
|
|
|
|
|
|
|
|
|
FURNITURE AND
FIXTURE OPENING WDV [B] |
0.920 |
1.978 |
1.780 |
1.602 |
1.442 |
1.298 |
|
ADD : Purchases
during the year |
1.200 |
0.000 |
0.000 |
0.000 |
0.000 |
0.000 |
|
[Including new
electrical installation etc.] |
2.120 |
1.978 |
1.780 |
1.602 |
1.442 |
1.298 |
|
Less :
Depreciation @ 10 % |
[0.142] |
[0.198] |
[0.178] |
[0.160] |
[0.144] |
[0.130] |
|
TOTAL |
1.978 |
1.780 |
1.602 |
1.442 |
1.298 |
1.168 |
|
|
|
|
|
|
|
|
|
GALA 10 % [C] |
1.543 |
5.854 |
5.268 |
4.741 |
4.267 |
5.641 |
|
Add : Purchases
during the year |
4.700 |
0.000 |
0.000 |
0.000 |
2.000 |
0.000 |
|
[A] |
6.243 |
5.854 |
5.268 |
4.741 |
6.267 |
5.641 |
|
|
|
|
|
|
|
|
|
Less :
DEPRECIATION @ 10 % |
[0.389] |
[0.585] |
[0.527] |
[0.474] |
[0.627] |
[0.564] |
|
Total |
5.854 |
5.268 |
4.741 |
4.267 |
5.641 |
5.077 |
|
|
|
|
|
|
|
|
|
PLANT AND
MACHINERY Opening WDV |
0.017 |
0.007 |
0.003 |
0.141 |
0.056 |
0.023 |
|
ADD : Purchases
during the year |
NIL |
0.000 |
0.200 |
0.000 |
0.000 |
0.200 |
|
[A] |
0.017 |
0.007 |
0.203 |
0.141 |
0.056 |
0.223 |
|
Less :
Depreciation @ 60 % |
[0.010] |
[0.004] |
[0.062] |
[0.085] |
[0.034] |
[0.074] |
|
TOTAL |
0.007 |
0.003 |
0.141 |
0.056 |
0.023 |
0.149 |
|
|
|
|
|
|
|
|
|
OPENING WDV
[A+B+C] |
30.245 |
27.744 |
25.171 |
23.791 |
25.201 |
26.169 |
|
TOTAL
DEPRECIATION |
[2.501] |
[3.773] |
[3.379] |
[3.090] |
[3.233] |
[3.319] |
|
NET BLOCK |
27.744 |
23.971 |
21.791 |
20.701 |
21.969 |
22.850 |
|
|
|
|
|
|
|
|
CURRENT
LIABILITIES
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
CREDITORS |
|
|
|
|
|
|
|
For Goods |
2.575 |
4.430 |
3.550 |
2.345 |
2.525 |
2.650 |
|
For Expenses /
Others |
0.250 |
0.400 |
0.250 |
0.300 |
0.350 |
0.400 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
LIABILITIES |
2.825 |
4.830 |
3.800 |
2.645 |
2.875 |
3.050 |
CURRENT ASSETS
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
STOCK |
|
|
|
|
|
|
|
Stock – in –
hand |
0.800 |
0.900 |
1.000 |
1.200 |
1.400 |
1.500 |
|
|
|
|
|
|
|
|
|
DEBTORS |
|
|
|
|
|
|
|
Sundry Debtors |
5.250 |
9.050 |
9.950 |
10.940 |
11.450 |
12.060 |
|
|
|
|
|
|
|
|
|
LOANS AND
ADVANCES |
|
|
|
|
|
|
|
Others |
0.500 |
1.100 |
1.200 |
1.100 |
0.840 |
1.000 |
|
|
|
|
|
|
|
|
|
TOTAL CURRENT
ASSETS |
6.550 |
11.050 |
12.150 |
13.240 |
13.690 |
14.560 |
INTEREST WORKING
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
Term Loan – I |
17.475 |
17.169 |
13.497 |
9.825 |
6.153 |
2.481 |
|
Loan Repayment |
[0.306] |
[3.672] |
[3.672] |
[3.672] |
[3.672] |
[2.481] |
|
|
|
|
|
|
|
|
|
|
17.169 |
13.497 |
9.825 |
6.253 |
2.481 |
0.000 |
|
|
|
|
|
|
|
|
|
Interest |
0.633 |
2.245 |
1.713 |
1.181 |
0.648 |
0.136 |
|
|
|
|
|
|
|
|
Rs in Millions
|
Particulars |
31.03.2009 |
31.03.2010 |
31.03.2011 |
31.03.2012 |
31.03.2013 |
31.03.2014 |
|
|
Projected |
|||||
|
SALES
PROJECTIONS : |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Comp to Plate |
5.000 |
15.000 |
16.500 |
18.150 |
19.058 |
20.010 |
|
Printing Labour |
13.000 |
16.000 |
17.600 |
19.360 |
20.328 |
21.344 |
|
|
|
|
|
|
|
|
|
TOTAL |
18.000 |
31.000 |
34.100 |
37.510 |
39.386 |
41.355 |
|
|
|
|
|
|
|
|
|
MATERIAL
COST : |
|
|
|
|
|
|
|
Comp to Plate |
2.450 |
7.350 |
8.250 |
9.075 |
9.529 |
10.005 |
|
Printing Labour |
6.370 |
7.840 |
8.800 |
9.680 |
10.672 |
11.206 |
|
|
|
|
|
|
|
|
|
TOTAL |
8.820 |
15.190 |
17.050 |
18.755 |
20.201 |
21.211 |
SONAL B. SHETH
Capital Account
[As on 31.03.2008]
Rs in Millions
|
Particulars |
Amount |
Particulars |
Amount |
|
|
|
|
|
|
To Drawing |
0.060 |
By Balance B/F |
5.357 |
|
To Cash
Withdrawal |
0.048 |
By Bank Interest
|
0.000 |
|
To Grampanchayat
Tax |
0.003 |
By Dividend |
0.012 |
|
To Income Tax |
0.022 |
By LIC
Commission |
0.001 |
|
To Bank Charges |
0.000 |
By Rent Shivam
and Jainam |
0.096 |
|
To TDS [F.Y.
2007-2008] |
0.209 |
By Profit From
Hi-Tone |
1.287 |
|
To LIC |
0.000 |
By PPF Interest |
0.244 |
|
To Depreciation |
0.012 |
|
|
|
To Electricity |
0.072 |
|
|
|
To Telephone |
0.004 |
|
|
|
To Donation |
0.001 |
|
|
|
To Tours and
Travels |
0.140 |
|
|
|
To Advance Tax |
0.150 |
|
|
|
Balance C/F |
6.276 |
|
|
|
|
|
|
|
|
|
6.997 |
|
6.997 |
ABRIDGED BALANCE
SHEET
Rs in Millions
|
SOURCES OF FUNDS |
|
31.03.2008 |
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
6.276 |
5.357 |
|
|
2] Share Application Money |
|
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
|
0.000 |
0.000 |
|
|
4] (Accumulated Losses) |
|
0.000 |
0.000 |
|
|
NETWORTH |
|
6.276 |
5.357 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
0.000 |
0.000 |
|
|
2] Unsecured Loans |
|
0.283 |
0.113 |
|
|
TOTAL BORROWING |
|
0.283 |
0.113 |
|
|
DEFERRED TAX LIABILITIES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6.559 |
5.470 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
0.428 |
0.340 |
|
|
Capital work-in-progress |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
1.487 |
1.048 |
|
|
DEFERREX TAX ASSETS |
|
0.000 |
0.000 |
|
|
Hi-Tone Capital A/c |
|
4.599 |
3.923 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
0.000 |
0.000 |
|
|
Sundry Debtors |
|
0.000 |
0.000 |
|
|
Cash & Bank Balances |
|
0.041 |
0.155 |
|
|
Other Current Assets |
|
0.000 |
0.000 |
|
|
Loans & Advances |
|
0.004 |
0.004 |
|
Total
Current Assets |
|
0.045 |
0.159 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
0.000 |
0.000 |
|
|
Provisions |
|
0.000 |
0.000 |
|
Total
Current Liabilities |
|
0.000 |
0.000 |
|
|
Net Current Assets |
|
0.045 |
0.159 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
6.559 |
5.470 |
|
KEY RATIOS
|
PARTICULARS |
|
|
31.03.2008 |
31.03.2007 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
0.05 |
0.02 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
-- |
-- |
Fixed Assets :
Personal Assets
- Diamond Ornaments
- Gold Ornaments
Business Assets
- Gala No 15 G
- Air Condition
- EPBX
- Furniture and Fixture
- Office Furniture
- Water Filter
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.48.62 |
|
UK Pound |
1 |
Rs.76.71 |
|
Euro |
1 |
Rs.61.30 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
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 |
|