MIRA
INFORM REPORT
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Report Date : |
21.11.2008 |
IDENTIFICATION DETAILS
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Name : |
RANASARIA POLY PACK PRIVATE LIMITED |
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Registered Office : |
83 Nutan Cloth Market, O/S Raipur Gate, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
10.07.2002 |
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Com. Reg. No.: |
040957 |
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CIN No.: [Company
Identification No.] |
U25202GJ2002PTC040957 |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business : |
Exporter, Importer And Manufacturer Of Printed Sack Bag, Sacks Bag For
Wheat, Sacks Bag, Sacks Bag For Cement. |
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 200000 |
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Status : |
Satisfactory |
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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. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION DECLINED BY
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Name : |
Mr. Pradeep |
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Designation : |
CA |
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Contact No.: |
91-9825074277 |
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Date : |
19.11.2008 |
LOCATIONS
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Registered Office : |
83 Nutan Cloth Market, O/S Raipur Gate , |
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E-Mail : |
Pgtulsian_carediffmail.com |
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Corporate Office : |
Plot No.727/C, Village Moti Bhoyan, |
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Tel. No.: |
91-2764-281796 / 281789 |
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Fax No.: |
91-2764-281873 / 281876 |
DIRECTORS
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Name : |
Mr. Sunil M. Ranasaria |
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Designation : |
Director |
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Address : |
12, Sujan Bunglow, Near Shryas Foundation, Ambawadi, Ahmedabad-380015,
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Date of Birth : |
24.06.1959 |
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DIN No.: |
00472602 |
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Date of Appointment : |
10.07.2002 |
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Name : |
Mr. Sajjan M. Ranasaria |
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Designation : |
Director |
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Address : |
12, Sujan Bunglow, Near Shryas Foundation, Ambawadi, Ahmedabad-380015,
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Date of Birth : |
07.06.1962 |
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DIN No.: |
00468312 |
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Date of Appointment : |
10.07.2002 |
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Mobile No.: |
91-9824068693 |
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Name : |
Mr. Mukesh Jain |
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Designation : |
Director |
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Address : |
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Date of Birth: |
18.05.1969 |
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DIN No.: |
00059649 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Sunil M. Ranasaria |
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2500 |
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Mr. Sajjan M. Ranasaria |
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2500 |
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Mrs. Umadevi S. Ranasaria |
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23000 |
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Mrs. Manishadevi S. ranasaria |
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27000 |
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Mr. Sajjan M. Ranasaria |
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15600 |
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Mr. Sunil M. ranasaria |
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62600 |
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Mr. Murlidhar S. Ranasaria |
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92100 |
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Mr. Murlidhar S. Ranasaria (Karta of Murlidhar S.Ranasaia HUF) |
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25100 |
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Mrs. Geeta Devi M. Ranasria |
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100 |
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Ms. Smiti S. Ranasaria |
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100 |
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Mr. Anup S. Gadia |
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100 |
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Mrs. Kanta Devi Tulsian |
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50000 |
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Mr. Arun G. Tulsian |
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25000 |
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Suradeep Salt Refining and Chemical Works Limited |
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30000 |
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Mrs. Seema Tulsian |
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20000 |
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Dhanvidya Impex Limited |
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50000 |
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Ken Securities Limited |
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18750 |
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Genus Commu Trade Limited |
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32500 |
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Mrs. Nitu Tulsian |
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50000 |
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Shri Geeta Sacks Private Limited |
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30000 |
List of Allottee as on 24.08.2006
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Names of Allottee |
No. of Shares |
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Suryadeep Salt and Refinery Chem. Works
Limited |
300000 |
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Total |
300000 |
List of Allottee as on 31.03.2008
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Names of Allottee |
No. of Shares |
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Dhanvidhya Financial and Inv. Con. Ser.
Private Limited |
10000 |
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Prabhavi Investments private Limited |
10000 |
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Suryadeep Salt and Refinery Chem. Works
Limited |
10000 |
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Total |
20000 |
AS ON 31.03.2007
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Equity Share
Breakup |
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Percentage of
Holding |
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Category |
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Bodies corporate |
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20.26 |
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Directors or relatives of directors |
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79.74 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter, Importer And Manufacturer Of Printed Sack Bag, Sacks Bag For
Wheat, Sacks Bag, Sacks Bag For Cement. |
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Products : |
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PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Plastic Tape / Woven Bags / laminated and Unlaminated fabrics |
MT |
3600.00 |
6203.89 |
GENERAL INFORMATION
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Bankers : |
Ahmedabad Main Branch, Bhadra, Ahmedabad – 380001,
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Facilities : |
Secured Loans as
on 31.03.2008
Note :- Securities for loans by way of Term loan is secured by an equitable mortgage of immovable properties
and hypothecation of all moveable properties. Working capital loan is secured by hypothecation of inventories and book
debts, both present and future. The above loan are further secured by personal guarantee of directors. Unsecured Loans
as on 31.03.2008
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Ashok Dhariwal and Company Chartered Accountant |
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Address : |
A-602, Narnarayan Complex, Near Navrangpura Post Office,
Ahmedabad-380009, |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
AS ON 31.03.2008
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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750000 |
Equity Shares |
Rs. 10/- Each |
Rs.7.500
Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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568200 |
Equity Shares |
Rs. 10/- Each |
Rs.5.682 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.682 |
5.182 |
4.432 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
20.673 |
13.169 |
8.275 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
26.355 |
18.351 |
12.707 |
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LOAN FUNDS |
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1] Secured Loans |
75.411 |
34.110 |
22.550 |
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2] Unsecured Loans |
34.685 |
41.983 |
20.460 |
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TOTAL BORROWING |
110.096 |
76.093 |
43.009 |
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DEFERRED TAX LIABILITIES |
1.162 |
1.139 |
1.322 |
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TOTAL |
137.613 |
95.583 |
57.039 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
26.288 |
26.361 |
27.062 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
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 |
38.926
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21.043 |
8.621 |
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Sundry Debtors |
75.690
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63.966 |
26.087 |
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Cash & Bank Balances |
2.720
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2.234 |
0.605 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
12.877
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11.911 |
5.208 |
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Total
Current Assets |
130.213
|
99.154 |
40.521 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
18.898
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29.967 |
10.583 |
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Provisions |
0.000
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0.000 |
0.020 |
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Total
Current Liabilities |
18.898
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29.968 |
10.603 |
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Net Current Assets |
111.315
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69.187 |
29.918 |
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MISCELLANEOUS EXPENSES |
0.010 |
0.035 |
0.059 |
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TOTAL |
137.613 |
95.583 |
57.039 |
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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 |
498.189 |
343.349 |
134.424 |
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Other Income |
0.387 |
0.143 |
0.000 |
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Total Income |
498.576 |
343.492 |
134.424 |
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Profit/(Loss) Before Tax |
4.632 |
1.687 |
4.517 |
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Provision for Taxation |
1.628 |
0.543 |
1.561 |
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Profit/(Loss) After Tax |
3.004 |
1.144 |
2.956 |
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Expenditures : |
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Manufacturing Expenses |
44.810 |
28.343 |
0.000 |
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Increase/(Decrease) in Finished Goods |
(1.346) |
(3.864) |
0.000 |
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Interest |
9.232 |
6.316 |
0.000 |
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Depreciation & Amortization |
3.743 |
3.668 |
2.875 |
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Other Expenditure |
437.505 |
307.342 |
127.032 |
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Total Expenditure |
493.944 |
341.805 |
129.907 |
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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 |
(%) |
0.60
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0.33 |
2.19 |
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Net Profit Margin (PBT/Sales) |
(%) |
0.92
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0.49 |
3.36 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.95
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1.34 |
6.68 |
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Return on Investment (ROI) (PBT/Networth) |
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0.17
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0.09 |
0.35 |
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Debt Equity Ratio (Total Liability/Networth) |
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4.89
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5.77 |
4.21 |
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Current Ratio (Current Asset/Current Liability) |
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6.89
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33.08 |
3.82 |
LOCAL AGENCY FURTHER INFORMATION
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This form is for |
Modification of
charge |
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Charge
identification number of the modified |
90104194 |
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Corporate
identity number of the company |
U25202GJ2002PTC040957 |
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Name of the
company |
RANASARIA POLY PACK PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in |
83 Nutan Cloth Market, O/S Raipur Gate, |
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Type of charge |
Book Debts Movable property (not being pledge) |
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Particular of
charge holder |
Bank of Ahmedabad Main Branch, Bhadra,
Ahmedabad – 380001, |
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Nature of
description of the instrument creating or modifying the charge |
Supplemental deed of hypothecation by the company in favour of bank of
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Date of
instrument Creating the charge |
08.05.2008 |
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Amount secured by
the charge |
Rs.72.033
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of interest CC stocks / book debts
– 0.50% below bol BPLR min 12.25% per annum on monthly rest basis or such
other rate as may be prescribed by the bank from time to time. EPC/FBN/GUA- As
applicable, L/C – as per FEDAI / Bank’s rules Term loans-0.50%
below bol BPLR min 12.25% per annum on monthly rest basis or such other rates
as may be prescribed by the bank from time to time. Terms of repayment CC Stocks/ book
debts – on demand / annual review EPC/FBP/GUA/LC-on
demand / annual review TL I -20
Quarterly installments of Rs.0.530 millions TL II – 20
Quarterly installments of Rs. 0.420 Millions TL III – 20
Quarterly installments of Rs. 0.140 Millions Margin CC Stocks – 25%,
CC Book Debts – 40%, EPC -10%, FBP –NIL GUA-25%, L/C -25% Term Loan I- 25%,
Term Loan II -25%, Term Loan III – 25% Extent and operation of the charge First and
exclusive hypothecation charge on all the tangible movable properties like
plant and machinery, stocks, stocks and book debts of the company to secure the
fund based and non fund based aggregate limits of Rs.72.033 millions
alongwith interest, penal interest, liquidated damages, costs, charges and
commission and such other AMT due to the bank of what so ever nature. Others Revised Limits –
AMT Rs. In Lacs CC Stocks-650.00,
CC book debts – 650.00, EPC -100.00, fbp-100.00, GUA -20.00, L/C-50.00, Max
of all these -650.00 Total max
aggregate limits Rs.72.033 millions |
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Short particulars
of the property charged |
All The Tangible
Movable Plant And Machineries And Equipments Of The Company Whether Installed
Or Not And Whether Lying Loose Or In Cases Situated At Plot No 727/C Moti
Bhoyan Ta Kalol District Gandhinagar Or Where Ever Else. All Stocks Of
Materials Both Present And Future Lying Or Stored At Plot No.727/C Moti
Bhoyan Ta Kalol District Gandhinagar Or Where Ever Else. All The Books
Debts, Outstandings, Money Receivables, Claims Bills Both Present And Future
Details As Per Annexure. |
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Date of latest
modification prior to the present modification |
28.09.2007 |
FIXED ASSETS
Ø
Ø Building
Ø Residential Building
Ø Plant And Machinery
Ø Furniture And Fixtures
Ø Office Equipments
Ø Vehicles
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.52 |
|
|
1 |
Rs.75.54 |
|
Euro |
1 |
Rs.63.12 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
|
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--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--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 |
|