MIRA
INFORM REPORT
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Report Date : |
03.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
SUBA SOLUTIONS PRIVATE LIMITED |
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Registered Office : |
No. 29, Devadi Street, Mylapore, Chennai – 600 004, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
25.08.2004 |
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Com. Reg. No.: |
18-54056 |
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CIN No.: [Company
Identification No.] |
U51506TN2004PTC54056 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Supplier and Exporter of UV Coaters, UV Curing Systems etc for the world market and agency products for Indian Market. |
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 6000 |
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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 : |
Ms. V Shanthi of the company assured to part details by 6th
October 2008. Subject is a well – established company having steady business. Trade
relations are fair. Payments are usually correct and as per commitments. Nothing adverse reported. The company can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
No. 29, Devadi Street, Mylapore, Chennai – 600 004, Tamil Nadu, India |
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Tel. No.: |
91-44-32978312 / 45012070 / 42021357 / 24641199 / 52021357 / 30978312 |
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Mobile No.: |
91-9382867972 |
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Fax No.: |
91-44-42021357 / 52021357 / 24641199 |
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E-Mail : |
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Website : |
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Area : |
650 Sq.fts |
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Location : |
Rented |
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Factory : |
40 Thaiyur Road, Kelambakkam Com, Chennai – 6503 103, Tamil Nadu,
India |
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Area : |
4000 Sq.fts |
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Location : |
Rented |
DIRECTORS
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Name : |
Mr. G Balaji |
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Designation : |
Director |
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Address : |
S2, Madhurams No. 33, 3rd Main Road, Kasturibai Nagar, Chennai – 600 020, Tamil
Nadu, India |
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Date of Birth/Age : |
25.09.1969 |
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Date of Appointment : |
25.08.2004 |
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Name : |
Mr. V Vadiyalingam |
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Designation : |
Director |
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Address : |
New No. 25, Devadi Street, Mylapore, Chennai – 600 004, Tamil Nadu,
India |
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Date of Birth/Age : |
25.03.1971 |
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Date of Appointment : |
25.08.2004 |
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Name : |
Mr. N Sukumar |
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Designation : |
Director |
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Address : |
New No. 29, Old No. 7, Devadi Street, Mylapore, Chennai – 600 004,
Tamil Nadu, India |
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Date of Birth/Age : |
14.05.1958 |
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Date of Appointment : |
25.08.2004 |
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Name : |
Mr. C Naresh |
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Designation : |
Director |
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Address : |
55 Salair Street, Mandaveli, Chennai – 600 028, Tamil Nadu, India |
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Date of Birth/Age : |
19.12.1976 |
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Date of Appointment : |
31.01.2007 |
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Mobile No.: |
91-9380515024 |
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Fax No: |
91-44-42021357 |
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E-Mail: |
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Name : |
Mr. Senthilkumar |
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Designation : |
Director |
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Address : |
Plot No. 48, D N 2/680, 2nd Main Road, I Cross Street,
Krishna Nagar, Medavakkam, Permbakkam, Chennai – 601 302, Tamil Nadu,
India |
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Date of Birth/Age : |
19.12.1976 |
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Date of Appointment : |
31.01.2007 |
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Mobile No.: |
91-9380515034 |
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Fax No: |
91-44-42021357 |
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E-Mail: |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. G Balaji |
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5000 |
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Mr. V Vaidyalingam |
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5000 |
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Mr. N Sukumar |
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2000 |
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Mr. S Senthilkumar |
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4000 |
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Mr. C Naresh |
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4000 |
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Total
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20000 |
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Names of Allottees |
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No. of Shares |
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Mr. S Senthil Kumar |
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4000 |
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Mr. C Naresh |
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4000 |
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Mr. N Sukumar |
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2000 |
Equity Share Breakup (Percentage of Total Equity):-
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Category (As on 31.03.2007) |
Percentage |
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Directors or relative of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Supplier and Exporter of UV Coaters, UV Curing Systems etc for the world market and agency products for Indian Market. |
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Products : |
· Packaging Printers · Commercial Printers · Book Printers · Special Finishing Solutions |
GENERAL
INFORMATION
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Bankers : |
Not Available |
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Banking
Relations : |
---- |
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Auditors : |
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Name 1 : |
Suresh and Balaji (Mr. Sridhar) Chartered Accountants |
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Address 1 : |
No. 8A/83 Fourth Street, Abhiramapuram, Chennai – 600 018, Tamil Nadu,
India |
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Address 2 : |
New No. 63, Giri Road, Chennai – 600 017, Tamil Nadu, India |
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Tel. No.: |
91- 44 - 24671289 / 28202071 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
(As on
30.09.2008):-
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
50000 |
Equity Shares |
Rs. 10/- each |
Rs. 0.500 million |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs. 10/-
each |
Rs. 0.200
million |
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 |
0.100 |
0.100 |
0.100 |
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2] Share Application Money |
0.100 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.867 |
0.171 |
0.031 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1.067 |
0.271 |
0.131 |
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LOAN FUNDS |
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1] Secured Loans |
0.120 |
0.168 |
0.216 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.120 |
0.168 |
0.216 |
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DEFERRED TAX LIABILITIES |
0.005 |
0.017 |
0.015 |
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TOTAL |
1.192 |
0.456 |
0.362 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
1.661 |
0.377 |
0.300 |
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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 |
1.118
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0.129 |
0.301 |
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Sundry Debtors |
1.310
|
0.516 |
0.549 |
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Cash & Bank Balances |
0.037
|
0.355 |
0.119 |
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Other Current Assets |
0.057
|
0.105 |
0.067 |
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Loans & Advances |
0.250
|
0.187 |
0.011 |
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Total
Current Assets |
2.772
|
1.292 |
1.047 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.831
|
1.069 |
1.001 |
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Provisions |
0.418
|
0.156 |
0.002 |
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Total
Current Liabilities |
3.249
|
1.225 |
1.003 |
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Net Current Assets |
[0.477]
|
0.067 |
0.044 |
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MISCELLANEOUS EXPENSES |
0.008 |
0.012 |
0.018 |
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TOTAL |
1.192 |
0.456 |
0.362 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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6.505 |
2.962 |
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Other Income |
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0.869 |
0.100 |
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Total Income |
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7.374 |
3.062 |
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Profit/(Loss) Before Tax |
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0.296 |
0.048 |
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Provision for Taxation |
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0.157 |
0.017 |
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Profit/(Loss) After Tax |
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0.139 |
0.031 |
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Expenditures : |
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Financial Charges |
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0.039 |
NA |
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Operating Expenses |
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NA |
2.164 |
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Salaries, Wages, Bonus, etc. |
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NA |
0.581 |
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Administrative Expenses |
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NA |
0.484 |
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Sales and Marketing Expenses |
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NA |
0.051 |
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Interest |
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NA |
0.010 |
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Depreciation & Amortization |
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NA |
0.027 |
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Increase/(Decrease) in Finished Goods |
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NA |
[0.302] |
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Other Expenditure |
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7.039 |
NA |
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Total Expenditure |
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7.078 |
3.015 |
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KEY RATIOS
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
NA
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1.89 |
1.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
NA
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4.55 |
1.62 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
NA
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17.74 |
3.56 |
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Return on Investment (ROI) (PBT/Networth) |
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NA
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1.09 |
0.37 |
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Debt Equity Ratio (Total Liability/Networth) |
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3.16
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5.14 |
9.31 |
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Current Ratio (Current Asset/Current Liability) |
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0.85
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1.05 |
1.04 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE
DETAILS:-
Profile
They are a committed, young enterprise that started operations in 2003
Goals
To earn and grow by deeply understanding and meeting the
requirements of the printing / packaging companies and offer value for money,
viable solutions in the form of machines, materials and services.
To develop a trained, knowledgeable and accessible sales and
service network across the country, as they learn and grow along with their
customers.
To create wealth and distribute it fairly among team members and business
associates and contribute to social causes.
To follow unwavering business ethics.
Activities
· Supplying customized UV and IR systems for various applications.
· Offering imported solutions for a wide variety of post-press operations. 'Imported' need not imply prohibitively expensive machines.
·
Subject has identified top manufacturers from China to
offer high performance yet fairly priced machines for various applications .
Infrastructure
· Factory to manufacture UV systems.
· Young and energetic sales and service team .
· Young yet experienced business leaders in marketing, service and finance .
·
Business Associates all over the country
Principals
Shanghai Yoco
Printing Machinery Company Limited
· Excellent manufacturing facilities
· Manufacturer of premium die cutting and foil stamping machines
· Cooperation with IIJIMA and NIKKO of Japan and mabeg of Germany.
· Sells all over the world including (premium companies in china) middle east, Far east and other advanced countries
· Supplies all machines with necessary documentation in English.
· Supplies CE certified machines
Shanghai Purple
Magna Machinery Company Limited
· Excellent manufacturing facilities
· Manufacturers of good quality and wide variety of folding machines and Three knife trimmers
· Manufacturers special machines like book flapping machines and semi automatic case makers
· ISO 9001 company.
· Sells all over the world.
· Supplier all machines with necessary does in English.
· Partly owned by Chinese Govt.
Qingdao Meigaung
Machinery Company Limited.
· Manufacturers of semi-automatic and automatic version of corrugation machinery.
· Based in China.
· Build reliable and cost effective machines.
· ISO 9001:2000 company.
· Sells all over the world.
· Can supply CE certified products.
· Large manufacturing facility.
· Supply all machines with necessary documentation in English.
Tymi Machinery
Industrial Company Limited
· Manufacturers of automatic spot UV coating and automatic lamination machines, based in Taiwan
· Large manufacturing facility
· Also manufacturer of corrugated machinery like flexo printer slotter,etc..
· ISO 9001 : 2000 Company
· Sells all over the world
· Supply all machines with necessary documentation in English.
Shanghai Shen Wei
Da Machinery Company Limited
· Excellent manufacturing facilities
· Manufacturers of wide variety of programmable cutting machines
· ISO 9001 Company
· Sells all over the world
· Can supply CE certified products
· Supplies all machines with necessary documentation in English.
Formica CZ s,i.o
· Based in Czech republic
· European quality standard
· Manufacturers single side thermal lamination machines
· Has won design award and excellent product award in different competitions
· Xerox has validated the foliant thermal lamination machines its Docucol. Family, DC12 and DC40 digital printing machines.
· Sold all over the world, mainly in Europe.
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.46.96 |
|
UK Pound |
1 |
Rs.83.91 |
|
Euro |
1 |
Rs.66.36 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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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 |
NO |
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--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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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 |
|