MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
HIGH GRADE INDUSTRIES [ |
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Registered Office : |
A – 510/513, Crystal Plaza, New Link Road, Andheri [West], Mumbai
400058, Maharashtra |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
08.09.2000 |
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Com. Reg. No.: |
11-128609 |
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CIN No.: [Company
Identification No.] |
U24110MH2000PTC128609 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Master Batches for Plastic Industries |
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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Maximum Credit Limit : |
USD 520000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well established and reputed company having satisfactory
track. Financial position of the
company is good. Trade relations are fair. Payments are correct and as per
commitments. The company can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Chirag |
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Designation : |
Export Department |
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Date : |
20.11.2008 |
LOCATIONS
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Registered Office : |
A – 510/513, Crystal Plaza, New Link Road, Andheri [West], Mumbai
400058, Maharashtra, India |
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Tel. No.: |
91-22-26734461 / 517 / 612 / 40775076 |
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Mobile No.: |
91-9821541162 [Mr. Malkani] |
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Fax No.: |
91-22-26734619 |
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E-Mail : |
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Website : |
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Area : |
1200 Sq. fts. |
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Location : |
Owned |
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Factory |
Survey No. 61/2, Plot No. 13, Near Zandu Pharma, Silvassa |
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Tel. No.: |
91-260-6531810 |
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Area : |
20000 Sq. fts. [Approximately] |
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Location : |
Owned |
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Branches : |
Located at |
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Tel. No.: |
971 4 3511963 |
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Fax No.: |
971 4 3511964 |
DIRECTORS
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Name : |
Mr. Harikishan Sawhney |
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Designation : |
Director |
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Address : |
158/6, Khar Sandeep Co-operative Society Limited, |
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Date of Birth/Age : |
24.12.1923 |
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Date of Appointment : |
08.09.2000 |
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Name : |
Lachu C. Malkani |
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Designation : |
Director |
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Address : |
Plot No. 135, House 6, Hindusthan Co-operative Society, 25th
road, Bandra, Mumbai 400050, |
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Date of Birth/Age : |
28.08.1949 |
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Qualification : |
B.E. Mech |
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Experience : |
37 Years |
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Date of Appointment : |
26.12.2000 |
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Name : |
Mr. Harleen Kohli |
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Designation : |
Director |
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Address : |
1, Imur Co-operative Housing Society, |
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Date of Birth/Age : |
20.09.1962 |
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Date of Appointment : |
01.10.2003 |
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Name : |
Mr. Gurnamsingh Bhagatsingh Kohli |
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Designation : |
Director |
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Address : |
Imur Society, Flat No. 1, Ground Floor, |
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Date of Birth/Age : |
13.05.1957 |
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Qualification : |
B.E. Chem DMM |
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Experience : |
28 Years |
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Date of Appointment : |
01.01.2008 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders [As on 30.09.2006] |
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No. of Shares |
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Harikishan Sawhney |
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1000 |
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Harleen Kohli |
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93550 |
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Belief Impex Private Limited |
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93750 |
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Total |
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188300 |
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Equity Share
Break-up [As on 31.03.2007] |
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Percentage of
Holding |
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Bodies corporate |
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49.00 |
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Directors or relatives of the Directors |
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51.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Master Batches for Plastic Industries |
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Exports : |
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Products : |
Finished goods |
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Countries : |
·
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Terms : |
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Selling : |
L/C |
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Purchasing : |
L/C and Credit [30 days to 60 days] |
GENERAL INFORMATION
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Customers : |
Manufacturing unit |
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No. of Employees : |
30 |
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Bankers : |
HDFC Bank, Andheri [West] Branch, Mumbai Bank of Punjab, Andheri [West] Branch, Mumbai |
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Facilities : |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
N. K. J. and Company Chartered Accountants |
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Address : |
A – 402, Rajeshwari Accord, Teli Gali Cross Road, Andheri [East], Mumbai
400069, Maharashtra, India |
CAPITAL STRUCTURE
[As on 31.03.2008]
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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1000000 |
Equity Shares |
Rs. 10/- each |
Rs. 10.000 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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188300 |
Equity Shares |
Rs. 10/-
each |
Rs. 1.883
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
1.883 |
1.883 |
1.883 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
103.616 |
69.247 |
41.331 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
105.499 |
71.130 |
43.214 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
34.085 |
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2] Unsecured Loans |
18.012 |
36.612 |
0.000 |
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TOTAL BORROWING |
18.012 |
36.612 |
34.085 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.007 |
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TOTAL |
123.511 |
107.742 |
77.306 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
19.865 |
16.562 |
7.448 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
5.039 |
0.000 |
0.000 |
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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 |
40.065
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41.614 |
35.597 |
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Sundry Debtors |
29.240
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35.329 |
16.668 |
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Cash & Bank Balances |
12.068
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5.649 |
9.426 |
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Other Current Assets |
29.761
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20.212 |
0.000 |
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Loans & Advances |
0.000
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0.000 |
17.022 |
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Total
Current Assets |
111.134
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102.804 |
78.713 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
1.521
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5.141 |
5.146 |
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Provisions |
11.006
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6.483 |
3.709 |
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Total
Current Liabilities |
12.527
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11.624 |
8.855 |
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Net Current Assets |
98.607
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91.180 |
69.858 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
123.511 |
107.742 |
77.306 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
244.846 |
242.500 |
212.742 |
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Profit/(Loss) Before Tax |
34.409 |
27.964 |
26.315 |
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Provision for Taxation |
0.000 |
0.000 |
0.000 |
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Profit/(Loss) After Tax |
34.409 |
27.964 |
26.315 |
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Earnings in Foreign Currency : |
15.452 |
8.969 |
7.837 |
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Expenditures : |
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Depreciation & Amortization |
2.604 |
1.966 |
0.726 |
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Other Expenditure |
200.721 |
206.941 |
182.356 |
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Total Expenditure |
203.325 |
208.907 |
183.082 |
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KEY RATIOS
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PARTICULARS |
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31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
14.05
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11.54 |
12.37 |
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Net Profit Margin (PBT/Sales) |
(%) |
14.05
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11.54 |
12.37 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
26.26
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23.42 |
30.54 |
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Return on Investment (ROI) (PBT/Networth) |
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0.33
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0.39 |
0.61 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.29
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0.68 |
0.99 |
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Current Ratio (Current Asset/Current Liability) |
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8.87
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8.84 |
8.88 |
LOCAL AGENCY FURTHER INFORMATION
Note:
The Registered office of the company has been shifted from 904, Building
No. 13, Indra Darshan Phase II, Shree Swamy Samarth Nagar, Mumbai 400053,
Maharashtra, India to A – 510/513,
Crystal Plaza, New Link Road, Andheri [West], Mumbai 400058, Maharashtra, India
w.e.f. 01.01.2008.
Trade References:
·
Plastene India Private Limited,
·
Marvel Industries Limited, Nashik
Fixed Assets
Mumbai
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Furniture and Fixtures
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Computers
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Air Conditioner
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Fax Machine
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Electric Fitting
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Office Equipments
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Motor Car : Indigo
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Office Equipment
Silvassa
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Air Conditioner
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Land
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Plant and Machinery
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Mould
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Twin Saw Estruder
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Weiging Scale
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Laboratory Equipments
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Borewell
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Building
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Building Shed
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Electrical Fitting
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Motor Bike
AS PER WEBSITE DETAILS
PROFILE
They are a team of
technically qualified professionals having a vast experience of over 2 decades
and expertise in the field of Specialty Chemicals. Combined turnover of their
group for 2005-2006 was in excess of Rs. 300 Millon. They have their corporate
office at Mumbai -
They have their corporate
office at Mumbai -
Their operations in
Silvassa and Dadra are backed up by fully equipped Laboratory testing
facilities for incoming and outgoing materials.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
1] INFORMATION ON
DESIGNATED PARTY
No records 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 50.52 |
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1 |
Rs. 75.54 |
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Euro |
1 |
Rs. 63.12 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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54 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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