MIRA
INFORM REPORT
|
Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DSM ENGINEERING PLASTICS (INDIA) PRIVATE LIMITED |
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Registered Office : |
‘Ashirwad’ 110/ 12, Erandwaneprabhat Road, Lane No. 14, Thorat Colony,
Pune-411004, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
23.12.1998 |
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Com. Reg. No.: |
25-14523 |
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CIN No.: [Company
Identification No.] |
U25209PN1998PTC014523 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
PNED03157A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of all kind of Plastics. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 1600000 |
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Status : |
Good |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed company and
subsidiary of DSM Engineering Plastic International BV, The Netherlands.
Available information indicates high financial responsibility of the company. Financial position is good. Payments are correct and as per commitments.
The company can be considered good for normal business
dealings. It can be regarded as a promising business partner in a medium to
long – run. |
LOCATIONS
|
Registered Office : |
‘Ashirwad’ 110/ 12, Erandwaneprabhat Road, Lane No. 14, Thorat Colony,
Pune-411004, Maharashtra, India |
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Tel. No.: |
91-20-26050170/24002880/24002881/25461075/6 |
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Fax No.: |
91-20-24002614/25455259 |
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E-Mail : |
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Factory : |
Erandwane, Prabhat Road, Lane No. 14, Thorat Colony, Pune-411004,
Maharashtra, India |
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Tel. No.: |
91-20-25461075 |
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Fax No.: |
91-20-25455259 |
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Branches : |
201-204, Century Arcade, Narangi Baug, Pune – 411
001, Maharashtra |
DIRECTORS
|
Name : |
Mr. Nitin Damodar Kothari |
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Designation : |
Managing Director |
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Address : |
Swapnil Apartments,
Plot No. 28, Girija Co-operative Housing Society, MIT Road, Pune – 411 038,
Maharashtra |
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Date of Birth/Age : |
28.08.1960 |
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Qualification : |
B. Tech |
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Experience : |
23 Years |
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Date of Appointment : |
04.12.1999 |
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Last Employment : |
Tata Honeywell
Limited |
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Name : |
Mr. Jurgen Paulis |
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Designation : |
Director |
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Address : |
152, Beach Road,
10-01/104, Gateway East, Singapore – 189721 |
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Date of Birth/Age : |
05.08.1960 |
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Date of Appointment : |
20.02.2002 |
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Name : |
Mr. Westerbeek Roelf |
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Designation : |
Chairman |
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Address : |
10A, China
Overseas Building No. 25, Chong Ouing Zhong Road, Shanghai, China – 200 020 |
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Date of Birth/Age : |
28.07.1963 |
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Date of Appointment : |
11.12.2002 |
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Name : |
Mr. Van Helmond
Gerardus |
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Designation : |
Director |
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Address : |
Russeilan 3,
6132, As Sitard, The Netharlands |
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Date of Appointment : |
04.12.1999 |
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Name : |
Mr. Nieboer Ond
Henk Geertjan |
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Designation : |
Director |
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Address : |
8, Green Vie
Cresent Company, 289318, Singapore |
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Date of Appointment : |
04.12.1999 |
KEY EXECUTIVES
|
Name : |
Mr. Karuppiah Lakshmanan |
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Designation : |
Company Secretary |
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Date of Birth/Age : |
28.07.1963 |
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Date of Appointment : |
12.01.1999 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 26.09.2005
|
Names of Shareholders |
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No. of Shares |
|
DSM EP International BV, The Netherlands |
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129999998 |
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DSM Engineering Plastics BV, The Netherlands |
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2 |
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Total |
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130000000 |
As on 12.03.2008
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List of Allottees |
|
No. of Shares Allotted |
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DSM EP International BV, The Netherlands |
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6499999 |
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DSM Engineering Plastics BV, The Netherlands |
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1 |
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Total |
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6500000 |
Equity Share Breakup (Percentage of Total Equity)
As on 29.09.2007
|
Category |
|
Percentage |
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Foreign holdings (Foreign Institutional investor(s), Foreign Companie(s)
Foreign financial institution(s), Non-resident Indian(s) or Overseas
Corporate Bodies or Others |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of all kind of Plastics. |
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Products : |
v Akulon v Arnite v Arnitel
v Polybutylene Terephthalate – 3907.99 v Polyamide – 3908.10
It’s sports products includes:-
v DSM Agro v DSM Coating Resins v DSM Composite Resins v DSM Dyneema v DSM Elastomers v DSM Engineering Plastics v DSM Fibre Intermediates v DSM Food Specialties v DSM Melamine v DSM Nutritional Products v DSM Venturing and Business Development v DSM Venturing and Business Development |
GENERAL
INFORMATION
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No. of Employees : |
110 |
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Bankers : |
ABN Amro Bank, N V
Sachapir Bhavan, Nariman Point, Mumbai, Maharashtra, India |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
S. R. Batliboi and
Company Chartered Accountants |
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Address : |
The Metropole, F-1, 1st Floor, Bund Garden
Road, Pune – 411 00, Maharashtra, India |
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Tel. No.: |
91-20-56016000 |
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Fax No.: |
91-20-56015900 |
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Holding Company: |
DSM EP International BV, Post Box 43, 6130, Sutard, The Netherlands |
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Associates/Subsidiaries : |
v DSM EP,
BV Netherlands, Post Box 43, 6130, AA Sitard, The Netherlands v DSM Bakery Ingredients Argentina v DSM Food Specialties v Roche Vitaminas Argentina v DSM Food Specialties v DSM Nutritional Product Australia Private Limited v DSM Fine Chemicals Austria GMBH v DSM Nutritional v DSM Bakery Ingredients Belgium v DSM Belgium v DSM Nutritional Products v Colombo Industrial e Comercio Limited v DSM Elastomeros Brasil Limited v DSM South America Limited v DSM Produtos Nutricionais Brasil Limited v DSM Biologics Holding v DSM Nutritional Products Hungary Limited v DSM Bakery Ingredients Chile v DSM Minera v DSM Nutritional Products Chile v ZJK DSM Hayao Pharmaceutical Company Limited v Zhang Jia Kou Gist Brocades Pharmaceutical Company Limited v DSM Composites Distribution v DSM Nutritional Products France v Uniferm GmbH and Company v DSM Kunstharze GmbH v DSM Uniferm GmbH and Company v DSM Rescom v DSM Composite Resins Deutschland GmbH v DSM Biotech GmbH v DSM Deutscland GmbH v DSM Nutritional Products GmbH v DSM Nutritional Products Europe Limited v DSM Nutritional Products International v DSM Nutritional Products Hellas v DSM Elastomers Asia Limited v DSM Polymer China Limited v DSM Hungary v DSM Nutritional Products Hungary v Max – Gist – Brocades Limited v Lever Gist Brocades Private Limited v DSM Nutritional Products India Private Limited v (DHA) DAI – India Limited v DSM Kaltim Melamine v DSM Eternal Resins (Kunshan) Company v Xinhui Meida DSM Nylon Chips Company v Xinhua Chemferm Pharma Company Limited v DSM Nutritional Products Shanghai Limited v DSM Fine Chemicals Shanghai Limited v Roche Shanghai Vitamins Limited v Rocha Zhongya (Wuxi) Citric Acid Limited v DSM Nutritional Products Colombia v DSM Nutritional Products Costa Rica v DSM Nutritional Products v R E Brain (GRP) Limited v Roche Vitaminas Scandinavia v DSM Anti – Infective Egypt v DSM Agro France v DSM Bakery Ingredients France v DSM Food Specialties Oenology v DSM Composite Resins France v DSM France v DSM Coating Resins v DSM Desotech v DSM Elastomers v DSM Melamine BV v DSM Nanjing Caprolactam Corporation v DSM Nutritional Products Indonesia v DSM Composite Resins Italia v DSM Italia v DSM Nutritional Products v Nippon Dyeema Company Limited v DSM Engineering Plastic BV v Japan Fine Coating Company Limited v DSM Idemitsu Company Limited v DSM Japan v Rocha Vitaminas Dominicana v DSM Nutritional Japan v DSM Nutritional Korea v DSM Nutritional Products Malaysia v DSM Nutritional Products Mexico v DSM Agro v DSM Food Specialties Superdex v DSM Anti – Infectives v DSM Bakery Ingredients Export Group v DSM Energie Beheer Nederland v DSM Biologics v DSM Pharma Chemical Netherlands v DSM Fine Chemical v DSM Special Products v DSM Melamine Europe v DSM Composite Resins v Eurosins Benelux v DSM Structural Resins v DSM Composite Resins Holding v DSM Research v DSM Limburg v DSM Nutritional Products Philippines v DSM Poland v DSM Sarzyna Structural Resins v DSM Nutritional Products v DSM Bakery Ingredients Portugal v DSM Eastern Europe Representative Office (DSM Nutritional Products) v DSM Nutritional Products AG v Euroresins v DSM Espana v DSM Nutritional Products Iberia SA v DSM Anti – Infectives AB v DSM Resins Scandinavia AB v Euroresins Scandinavia v DSM Scandinavia v DSM Composite Resins v DSM Spcial Products Rotterdam v Holland Sweetener Company v DSM Acrylonitrile BV v DSM Technopartners v DSM Fibre Intermediates BV v Industriele Handelsmaatschappij Basileia v DSM Industrial Services v DSM Gist Services BV v DSM Solutech v DSM Koniklijke v DSM Nutritional Products New Zealnd Limited v DSM Bakery Ingredients Peru v DSM Nutritional Products Asia Pacific Private Limited v Anchor Yeast Private Limited v DSM Nutritional Products Taiwan Limited v DSM Nutritional Products South Africa Private Limited v DSM Anti – Infectives Chemferm v DSM Deretil v DSM Nutritional Products (Besin Maddeleri Limited) v DSM Bakery Ingredients Spain v DSM Resins Espana v DSM Turkey v DSM Besin Maddeleri Limited v DSM Bakery Ingredients UK Limited v DSM Resins Far East Limited v DSM Taipei Limited v Freeman Distribution Limited v DSM Nutritional Products Limited (Rovithai Limited) v DSM Nutritional Products (UK) Limited v DSM Comosite Resins Inc. v DSM Elastomers Americas v DSM Copolymer v DSM Thermoplastic Elastomers Inc. v DSM Pharmaceutical v DSM Pharma Chemical South Haven v Augusta Services Company v DSM Chemical North America Inc v DSM Nutritional Products Inc v DSM Food Specialties USA v American Melamine Industrial v DSM Nutritional Products Vietnam Limited v DSM Spcialty Compounds NV v DSM Engineering Plastic Korea v DSM Dyneema v DSM Engineering Plastic Taiwan v DSM Engineering Plastic Inc. v DSM Composite Resins UK Limited v Eurcresins UK Limited v Freeman Chemicals Limited v DSM Energy Limited v DSM UK Limited v DSM Resins US Inc. v DSM Nutritional Products Uruguay SA v DSM Desotech v DSM Pharma Chemicals USA v DSM Stamicarbon North America Inc v Holland Sweetener North America Inc v Nylon Polymer Company v DSM Finance USA v DSM Services USA v DSM Melamine America Inc. v DSM Nutritional Products Venezuela v DSM Engineering Plastic KK v DSM Elastomers Asia Limited v DSM Engineering Asia Limited v DSM Engineering Plastic Detroit v DSM
Engineering Plastic BV |
CAPITAL STRUCTURE
As on 21.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000000 |
Equity Shares |
Rs. 10/- each |
Rs. 200.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
13000000 |
Equity Shares |
Rs. 10/-
each |
Rs. 130.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
130.000 |
66.000 |
66.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
202.642 |
96.421 |
47.810 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
332.642 |
162.421 |
113.810 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
135.000 |
114.000 |
127.780 |
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TOTAL BORROWING |
135.000 |
114.000 |
127.780 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.203 |
3.888 |
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TOTAL |
467.642 |
276.625 |
245.478 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
56.398 |
60.053 |
68.953 |
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Capital work-in-progress |
90.993 |
0.130 |
0.595 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.719 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
242.898
|
162.271 |
138.279 |
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Sundry Debtors |
213.059
|
163.226 |
118.556 |
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Cash & Bank Balances |
22.794
|
10.814 |
12.797 |
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Other Current Assets |
2.856
|
4.286 |
5.036 |
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Loans & Advances |
10.411
|
7.119 |
7.396 |
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Total
Current Assets |
492.018
|
347.716 |
282.064 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
160.917
|
125.766 |
100.842 |
|
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Provisions |
12.569
|
5.508 |
5.292 |
|
Total
Current Liabilities |
173.486
|
131.274 |
106.134 |
|
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Net Current Assets |
318.532
|
216.442 |
175.930 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
467.642 |
276.625 |
245.478 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
|
Sales Turnover |
1230.930 |
955.670 |
697.217 |
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Other Income |
0.000 |
0.000 |
0.000 |
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Total Income |
1230.930 |
955.670 |
697.217 |
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Profit/(Loss) Before Tax |
80.620 |
74.960 |
64.627 |
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Provision for Taxation |
29.440 |
26.350 |
16.817 |
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|
Profit/(Loss) After Tax |
51.180 |
48.610 |
47.810 |
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Earnings in Foreign Currency : |
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Export of Goods |
34.460 |
24.990 |
19.090 |
|
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Commission Earnings |
3.390 |
2.500 |
0.000 |
|
Total Earnings |
37.850 |
27.490 |
19.090 |
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Imports : |
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Raw Material |
506.000 |
291.420 |
231.655 |
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Capital Goods |
4.930 |
0.150 |
0.000 |
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Finished Goods |
113.930 |
73.600 |
0.000 |
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Total Imports |
624.860 |
365.170 |
231.655 |
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Expenditures : |
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Financial Charges |
10.670 |
10.570 |
0.000 |
|
|
Depreciation & Amortization |
14.880 |
14.730 |
0.000 |
|
|
Other Expenditure |
1124.760 |
855.410 |
0.00 |
|
Total Expenditure |
1150.310 |
880.710 |
632.590 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
4.16
|
5.09 |
6.85 |
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|
Net Profit Margin (PBT/Sales) |
(%) |
6.55
|
7.84 |
9.26 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
14.70
|
18.38 |
0.18 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.24
|
0.46 |
0.56 |
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|
Debt Equity Ratio (Total Liability/Networth) |
|
0.93
|
1.51 |
2.05 |
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|
Current Ratio (Current Asset/Current Liability) |
|
2.84
|
2.65 |
2.65 |
LOCAL AGENCY
FURTHER INFORMATION
Nil
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.49.46 |
|
UK Pound |
1 |
Rs.73.17 |
|
Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
56 |
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 |
|