MIRA
INFORM REPORT
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Report Date : |
08.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
CHOICE LABORATORIES PRIVATE LIMITED |
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Formerly Known As : |
HITEN IMPEX PRIVATE LIMITED |
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Registered Office : |
Opposite Jain Temple, Near Bus Stop, State Highway Brahmanwada
384215, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
09.01.1991 |
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Com. Reg. No.: |
014883 |
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CIN No.: [Company
Identification No.] |
U51909GJ1991PLC014883 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of different kinds of Tooth Paste, Tooth Brushes, Cosmetic Item etc. |
RATING & COMMENTS
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MIRAs 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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Maximum Credit Limit : |
USD 200000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Mr. Ahuja, Accounts Manager up-dated the details. Subject is a well established company in its field. Trade relations are
fair. Payments are usually correct and as per commitments. The company can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Ahuja |
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Designation : |
Accounts Manager |
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Date : |
07.11.2008 |
LOCATIONS
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Registered Office : |
Opposite Jain Temple, Near Bus Stop, State Highway Brahmanwada
384215, Gujarat India |
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E-Mail : |
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Website : |
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Corporate Office
: |
204/205, Suyojan Building, Near Hotel
President, Off C. G. Road, Ahmedabad 380 009, Gujarat, India |
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Tel. No.: |
91-79-6444660 |
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Fax No.: |
91-79-6448857 |
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Head Office/ Factory : |
999, Statehighway, Unjha 384170, Gujarat, India |
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Tel. No.: |
91-2767-252250/282318/ 253819 |
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Fax No.: |
91-2767-252384/252530/252534 |
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E-Mail : |
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Website : |
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Marketing Office
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Sun Plaza, 2nd Floor, Swastik Char Rasta, Navrangpura, Ahmedabad 380 009, Gujarat, India |
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Tel. No.: |
91-79-6448857 |
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Fax No.: |
91-79-6430851 |
DIRECTORS
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Name : |
Mr. Ashvinbhai J. Patel |
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Designation : |
Director |
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Address : |
Motipura, Unjha 384170, Gujarat, India |
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Date of Appointment : |
16.02.2001 |
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Name : |
Mr. Bhartbhai J. Patel |
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Designation : |
Director |
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Address : |
Motipura, Unjha 384170, Gujarat,
India |
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Date of Appointment : |
09.01.1991 |
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Name : |
Mr. Gunvanbhai J. Patel |
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Designation : |
Director |
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Address : |
Motipura, Unjha 384170, Gujarat,
India |
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Date of Appointment : |
01.09.2007 |
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Name : |
Mr. Shyamkumar A. Patel |
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Designation : |
Director |
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Address : |
Motipura, Unjha 384170, Gujarat,
India |
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Date of Appointment : |
01.09.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 03.09.2007)
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Names of Shareholders |
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No. of Shares |
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Ashvinbhai J. Patel |
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1662500 |
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Gunvanbhai J. Patel |
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1179000 |
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Induben |
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30000 |
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Arvindbhai |
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60000 |
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Laxmiben |
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105000 |
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Ramilaben Patel |
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38300 |
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Bhartbhai J. Patel |
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243800 |
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Jayaben Patel |
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145900 |
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Urmillaben Patel |
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58800 |
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Natvarlal |
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100 |
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Gautamkumar |
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100 |
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Manguben |
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100 |
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Ritaben |
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100 |
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Vikrambhai |
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100 |
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Bhartiben |
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100 |
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Sandeepkumar |
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100 |
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Chandrikaben |
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100 |
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Yogeshkumar |
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100 |
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Parulben |
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100 |
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Satyamkumar Patel |
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64000 |
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Himanshukumar Patel |
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34100 |
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Niravkumar Patel |
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8400 |
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Ravikumar |
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70000 |
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Total |
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3700800 |
(As on 31.03.2007)
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Category |
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Percentage
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Directors or relatives of directors |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of different kinds of Tooth Paste, Tooth Brushes, Cosmetic Item etc. |
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Products : |
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Brand Name : |
CHOICE |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C Cash and Credit (30 days) D/D |
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Purchasing : |
L/C Cash and Credit (30 days) D/D |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
100 |
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Bankers : |
Ahmedabad,
Gujarat, India
Unjha-384
170, North Gujarat, India
Unjha
Branch, Unjha 384170, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. Shah
and Associates Chartered
Accountant |
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Address : |
C/H 2
Second Floor, Mahavir Complex, Unjha, Gujarat - 384170, India |
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Associates/Subsidiaries : |
Plot No. 2,
Hitendrenagar Audyogik Vasahat, Behind Gujarat Agro Himmatnagar Road, Post
Kubernagar, Naroda, Ahmedabad 382 340, Gujarat, India Tel.
91-79-2829007/2829008/26448857/26430851/25630462 Fax.
91-79-2819097 E-mail.
madhav@blazenetonline.com Contact
Person Mr. Dilip/Digant Line of
Business Offset Printing
999, State
Highwary, Unjha 384 170, North Gujarat, India Tel.
91-2767-252250/253819 Contact
Person Mr. Ashwin Patel Line of
Business Corrugated Boxes
State
Highway, Opposite Bus Stop, Brahman Wada 384 170, Gujarat, India Tel.
91-2767-282318 Contact
Person Mr. P. N. Patel Line of
Business Manufacturer and Exporter of Toothpaste
999, State
Highway, Unjha 384 170, North Gujarat, India Tel.
91-2767-252250/253819 Contact
Person Mr. Gunvant Patel Line of
Business - Distributors
999, State
Highway, Unjha 384 170, North Gujarat, India Tel. 91-2767-252250/253819 Contact
Person Mr. Ashvin Patel |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs.10/- each |
Rs.50.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3700800 |
Equity Shares |
Rs.10/- each |
Rs.37.008
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
37.008 |
6.768 |
6.768 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
10.693 |
9.596 |
8.948 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
47.701 |
16.364 |
15.716 |
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LOAN FUNDS |
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1] Secured Loans |
98.885 |
23.995 |
32.412 |
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2] Unsecured Loans |
26.285 |
9.777 |
8.638 |
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TOTAL BORROWING |
125.170 |
33.772 |
41.050 |
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DEFERRED TAX LIABILITIES |
1.028 |
1.252 |
1.650 |
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TOTAL |
173.899 |
51.388 |
58.416 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
48.884 |
20.031 |
22.637 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.175 |
0.006 |
0.006 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
88.475
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36.320 |
27.223 |
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Sundry Debtors |
85.166
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26.356 |
35.562 |
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Cash & Bank Balances |
6.088
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1.222 |
1.242 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
34.957
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15.144 |
15.471 |
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Total
Current Assets |
214.686
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79.042 |
79.498 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
89.032
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47.691 |
43.725 |
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Provisions |
1.214
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0.000 |
0.000 |
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Total
Current Liabilities |
90.246
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47.691 |
43.725 |
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Net Current Assets |
124.440
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31.351 |
35.773 |
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MISCELLANEOUS EXPENSES |
0.400 |
0.000 |
0.000 |
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TOTAL |
173.899 |
51.388 |
58.416 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
107.004 |
146.404 |
115.385 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
107.004 |
146.404 |
115.385 |
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Profit/(Loss) Before Tax |
1.421 |
0.617 |
1.550 |
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Provision for Taxation |
0.538 |
0.368 |
0.222 |
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Profit/(Loss) After Tax |
0.883 |
0.249 |
1.328 |
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Total Expenditure |
105.583 |
145.787 |
113.835 |
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
0.83
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0.17 |
1.15 |
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Net Profit Margin (PBT/Sales) |
(%) |
1.33
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0.42 |
1.34 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
0.54
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0.62 |
1.52 |
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Return on Investment (ROI) (PBT/Networth) |
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0.03
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0.04 |
0.10 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.52
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4.98 |
5.39 |
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Current Ratio (Current Asset/Current Liability) |
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2.38
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1.66 |
1.82 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCE:
- Essel Propack
135,
Continental Building, Dr. A. B. Road,
Worli,
Mumbai 400 018, Maharashtra
Tel.
91-22-24933280/24931930
Contact
Person Mr. Nilay Guha
- Ras Propack Lamipack
222, T.
V. Industrial Estate, S. K. Ahire Marg,
Worli,
Mumbai 400 025, Maharashtra
Tel.
91-22-24952958
Contact
Person Mr. Sameer Kaji
- Swastik Offset
186,
GIDC Estate, Mehsana 384 002, Gujarat
Tel.
91-2762-252225
Contact
Person Mr. Sanjay Patel
- Snehal Printing Bureau
Sardar
Estate, Near Poornima Society,
Ajwa
Road, Baroda 390 019, Gujarat
Tel.
91-261-2562181
Contact
Person Mrs. Snehal Shah
- Gulshan Sugars & Chemicals Limited
G-81,
Preet Vihar, Delhi 110 092
Tel.
91-11-22517814/22514751
Contact
Person Mr. A. K. Vats
FIXED ASSETS:
- Factory
- Building
- Plant and Machinery
- Air Conditioner
- Vehicles
- Fixture
- Office Equipment
- Computers
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No exist designating subject or any of its beneficial owners, controlling
shareholders or senior officers as terrorist or terrorist organization or whom
notice had been received that all financial transactions involving their assets
have been blocked or convicted, found guilty or against whom a judgement or
order had been entered in a proceedings for violating money-laundering,
anti-corruption or bribery or international economic or anti-terrorism sanction
laws or whose assets were seized, blocked, frozen or ordered forfeited for
violation of money laundering or international anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction
registered against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Intl
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority
for any financial crime or under any formal investigation by a competent
government authority for any violation of anti-corruption laws or international
anti-money laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a companys management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.76 |
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UK Pound |
1 |
Rs.74.87 |
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Euro |
1 |
Rs.60.81 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
|
47 |
This score serves as a reference to assess SCs credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this
report. The assessed factors and their relative weights (as indicated through
%) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
|
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 |
|