MIRA
INFORM REPORT
|
Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
DIAMOND DYE – CHEM LIMITED |
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Registered Office : |
Plot No. 37, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai
– 400 072, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
07.02.1981 |
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Com. Reg. No.: |
11-23851 |
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CIN No.: [Company
Identification No.] |
U24110MH1981PLC023851 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD02466C |
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PAN No.: [Permanent
Account No.] |
AAACD3478N |
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Legal Form : |
A Closely held public limited liability company |
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Line of Business : |
The company is engaged in manufacturing and marketing of
dyes (includes manufacture of such dyes and coloring matters which are for
final use by household/industrial/institutional consumers, manufacture of
special dyes used in laboratories e.g. to colour microscopic preparations is
also included). |
RATING &
COMMENTS
|
MIRA’s Rating : |
Aa |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 6700000 |
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Status : |
Very 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 of Ciba Speciality
Chemicals Group. Available information indicates hagh financial responsibility
of the company. Trade relations are fair. Financial position is good.
Payments are correct and as per commitments. The company can be considered good for any normal business dealings.
It can be regarded as a promising business partners in a medium to long run. |
LOCATIONS
|
Registered Office : |
Plot No. 37, Chandivali Farm Road, Chandivali, Andheri (East), Mumbai
– 400 072, Maharashtra, India |
|
Tel. No.: |
91-22-28580232 |
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Fax No.: |
91-22-28580295 |
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E-Mail : |
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Website : |
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Head Office : |
Building 3, CIBA Research Centre, Off Aarey Road, Goregaon
(East), Mumbai – 400 063, Maharashtra, India. |
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Tel. No.: |
91-22-39503974 / 39503975 |
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Fax No.: |
91-22-28426596 / 28493751 |
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Administrative Office : |
7 / 20, Tardeo Air Conditioned Market Building, Tardeo,
Mumbai – 400 034, Maharashtra, India. |
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Tel. No.: |
91-22-2494 1272 / 2494 2334 / 2494 2335 |
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Fax No.: |
91-22-2495 4676 / 2492 7135 |
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E-Mail : |
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Location : |
Owned |
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Corporate Office : |
Unit 5-B, Trade World, Kamala Mills Compound, Senapati
Bapat Marg, Tardeo, Mumbai – 400 013, Maharashtra |
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Tel. No.: |
91-22-24608461/24608462 |
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Fax No.: |
91-22-24608466 |
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Factory 1: |
Plot No. A-83, MIDC Area, Phase-I, Dombivli – 421 203,
Maharashtra, India |
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Factory 2 : |
Plot No. 6216, GIDC, Phase IV, District Bharuch,
Ankleshwar – 393 002, Gujarat, India |
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Tel. No.: |
91-2646-251482/225917 |
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Fax No.: |
91-2646-250464 |
DIRECTORS
|
Name : |
Mr. Jimmy Sorab Bilimoria |
|
Designation : |
Chairman |
|
Address : |
5-Battery House, 74 Bhulabhi Desai Road, Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
27.01.1947 |
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Date of Appointment : |
01.01.2001 |
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Name : |
Mr. Frans Andreas Hompe |
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Designation : |
Managing Director |
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Address : |
Silver Oak Estate, Flat No. 4, Bhulabhai Desai Road,
Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
29.05.1948 |
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Qualification : |
Diploma in Marketing and Diploma In Medicine |
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Date of Appointment : |
01.05.2000 |
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Name : |
Mr. Jyotikumar Shivonkar Maheshwari |
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Designation : |
Director |
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Address : |
A/22, Heera Panna Bhulabhai Desai Road, Mumbai – 400 26,
Maharashtra, India |
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Date of Birth/Age : |
22.07.1945 |
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Qualification : |
B.E. (Civil) |
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Date of Appointment : |
28.03.2005 |
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|
Name : |
Mr. Mark Brian Garrett |
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Designation : |
Director |
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Address : |
Anwilerstr. 10, 4059 Basel, Switzerland. |
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Date of Birth/Age : |
11.05.1962 |
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Date of Appointment : |
10.06.2002 |
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Name : |
Mr. Mahesh Arvind Kotnis |
|
Designation : |
Managing Director |
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Address : |
Dhawalgiri, Flat 171, Infront of Royal Challenge
Restaurant Off Filmcity Road, Goregaon (East), Maharashtra, India. |
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Date of Birth/Age : |
01.11.1965 |
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Date of Appointment : |
25.07.2005 |
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Name : |
Mr. Purushottam Jugalkishore Chandak |
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Designation : |
Director |
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Address : |
406/9 Kaushlya Sadan Sardar Patel Society, Section 1 GIDC
Colony, Ankleshwar – 393 002, Bharuch, Gujarat, India. |
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Date of Birth/Age : |
23.04.1961 |
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Date of Appointment : |
01.04.2007 |
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Name : |
Mr. Mahesh Shrirang Godbole |
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Designation : |
Director |
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Address : |
84, Alamanda Tata Housing, Gladys Alvares, Thane (West),
Maharashtra, India. |
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Date of Birth/Age : |
08.01.1963 |
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Date of Appointment : |
26.09.2003 |
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Name : |
Mr. Manek Jahangir Kalyaniwala |
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Designation : |
Director |
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Address : |
L-18, Godrej Baug Off Napeansea Road, Mumbai – 400 026,
Maharashtra, India. |
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Date of Birth/Age : |
01.10.1953 |
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Date of Appointment : |
01.01.2001 |
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Name : |
Mr. G.G. Tekade |
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Designation : |
Director
(Management Committee) |
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Name : |
Mr. J.K. Furia |
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Designation : |
Director
(Management Committee) |
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Name : |
Mr. V.C. Bhandari |
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Designation : |
Director
(Management Committee) |
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Name : |
Mr. R. Scartazzini |
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Designation : |
Director |
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Name : |
Mr. S. J. Taparia |
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Designation : |
Director |
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Name : |
Mr. Newton Christopher |
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Designation : |
Additional Director |
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Address : |
Flat No. 4, Silver Okas Estate, Bhulabhai Desai Road,
Mumbai – 400 026, Maharashtra, India |
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Date of Birth/Age : |
23.09.1947 |
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Date of Appointment : |
01.01.2007 |
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|
Name : |
Mr. Matthias Halusa |
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Designation : |
Additional Director |
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Address : |
227, Jalan Kampong Chantek, Singapore – 587921 |
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Date of Birth/Age : |
09.04.1968 |
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Date of Appointment : |
01.04.2007 |
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KEY EXECUTIVES
|
Name : |
Mr. Suhas Krishna Pai |
|
Designation : |
Secretary |
|
Address : |
B-12, Rustamjee Adarsh Heritage, Adarsh Vihar Complex Off
Marve Road, Malad (West), Mumbai -
400 064, Maharashtra, India. |
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Date of Birth/Age : |
05.06.1971 |
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Date of Appointment : |
01.10.2001 |
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|
Name : |
Mr. Anil Shantilal Nawal |
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Designation : |
Secretary |
|
Address : |
B – 307, Raj Arcade Mahavir Nagar, Kandivali (West),
Mumabi – 400 067, Maharashtra, India. |
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Date of Birth/Age : |
15.08.1965 |
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Date of Appointment : |
01.03.2005 |
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Name : |
Mr. Chalapathi Rao Gadde |
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Designation : |
Secretary |
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Address : |
C-12, Navajeevan Society, Dahej By Pass Road, Bharuch –
392 002, Gujarat, India |
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Date of Birth/Age : |
10.01.1963 |
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Date of Appointment : |
29.10.2007 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 11.08.2006)
|
Names of Shareholders |
No. of Shares |
|
CIBA Speciality Chemicals (India) Limited |
2999994 |
|
Makarand Dinkar Dewal |
1 |
|
Purushottam Jugalkishore Chandak |
1 |
|
Vijaykumar Chandmal Bhandari |
1 |
|
Suhas Krishna Pai |
1 |
|
Nilufer Zarir Mistry |
1 |
|
Jim Mathew Easow |
1 |
|
|
|
|
Total |
3000000 |
Equity shares Breakup (percentage of total equity)
(As on 30.09.2008)
|
Category |
Percentage |
|
Bodies corporate |
100.00 |
|
Total |
100.00 |
BUSINESS DETAILS
|
Line of Business : |
The company is engaged in manufacturing and marketing of
dyes (includes manufacture of such dyes and coloring matters which are for final
use by household/industrial/institutional consumers, manufacture of special
dyes used in laboratories e.g. to colour microscopic preparations is also
included). |
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Products : |
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PRODUCTION STATUS
|
Particulars |
Unit |
Installed
Capacity |
|
Pure Powder |
MT |
1500 |
|
Finished Liquid |
MT |
+ 7000 |
GENERAL
INFORMATION
|
No. of Employees : |
260 |
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Bankers : |
Hazarimal Somani Marg, Fort,
Mumbai – 400 001, Maharashtra, India
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
Vijay Bhatt Chartered Accountants |
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Address : |
S.R. Batliboi and Company 6th Floor, Express Tower, Nariman Point, Mumbai – 400 021,
Maharashtra, India |
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Memberships : |
·
Indian Merchants Chamber ·
CHEMEXCIL ·
Federation of Indian Exporteras Organisation |
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Associates/Subsidiaries : |
·
Krishna Bleaching and Dyeing Private Limited ·
Ciba India Private Limited, India ·
Ciba Speciality Chemicals (Singapore), Pte. Limited,
Singapore ·
Ciba Speciality Chemicals Inc., Switzerland ·
Ciba Spezialitenchemie Grenzach GmbH, Germany ·
Ciba Speciality Chemaicals Service Inc., Turkey ·
Ciba Colon Consumer Care, Panama ·
Ciba Especialidades Quimicas LTDA, Brazil ·
Ciba Speciality Chemicals, Australia ·
Ciba Speciality Chemicals Limited, Hongkong ·
Ciba Speciality Chemicals K.K, Japan ·
Ciba Speciality Chemicals, Bahrain ·
Ciba Speciality Chemicals, Korea |
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|
|
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Holding Company : |
CIBA Speciality Chemicals (India) Limited |
CAPITAL STRUCTURE
(As on 30.09.2008)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000
Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
30.000 |
30.000 |
30.000 |
|
|
2] Share Application Money |
0.000 |
0.000 |
0.000 |
|
|
3] Reserves & Surplus |
1314.747 |
1190.961 |
660.840 |
|
|
4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
|
|
NETWORTH |
1344.747 |
1220.961 |
690.840 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
0.000 |
12.013 |
33.702 |
|
|
2] Unsecured Loans |
392.500 |
273.000 |
120.000 |
|
|
TOTAL BORROWING |
392.500 |
285.013 |
153.702 |
|
|
DEFERRED TAX LIABILITIES |
61.420 |
52.411 |
33.780 |
|
|
|
|
|
|
|
|
TOTAL |
1798.667 |
1558.385 |
878.322 |
|
|
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|
|
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APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
909.867 |
807.865 |
253.501 |
|
|
Capital work-in-progress |
35.083 |
37.639 |
252.913 |
|
|
|
|
|
|
|
|
INVESTMENT |
345.000 |
345.000 |
2.000 |
|
|
DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
315.862
|
241.327 |
189.791 |
|
|
Sundry Debtors |
262.234
|
245.954 |
255.058 |
|
|
Cash & Bank Balances |
9.305
|
1.010 |
0.619 |
|
|
Other Current Assets |
14.347
|
13.932 |
0.000 |
|
|
Loans & Advances |
128.950
|
78.341 |
67.173 |
|
Total
Current Assets |
730.698
|
580.564 |
512.641 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
207.537
|
200.181 |
132.187 |
|
|
Provisions |
14.444
|
12.502 |
10.546 |
|
Total
Current Liabilities |
221.981
|
212.683 |
142.733 |
|
|
Net Current Assets |
508.717
|
367.881 |
369.908 |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
1798.667 |
1558.385 |
878.322 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
|
Sales Turnover |
1592.245 |
1378.296 |
1236.919 |
|
|
Other Income |
42.088 |
22.894 |
5.628 |
|
|
Total Income |
1634.333 |
1401.190 |
1242.547 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
198.173 |
269.970 |
253.876 |
|
|
Provision for Taxation |
74.388 |
84.412 |
103.620 |
|
|
Profit/(Loss) After Tax |
123.785 |
185.558 |
150.256 |
|
|
|
|
|
|
|
|
Earnings in Foreign Currency : |
|
|
|
|
|
|
Sale of goods manufactured |
1212.906 |
1034.630 |
858.283 |
|
Total Earnings |
1212.906 |
1034.630 |
858.283 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Raw Material Consumed |
1071.381 |
894.473 |
797.981 |
|
|
Consumption of stores and spares parts |
11.818 |
10.719 |
7.842 |
|
|
Increase/(Decrease) in Finished Goods |
(37.339) |
(12.564) |
(21.097) |
|
|
Salaries, Wages, Bonus, etc. |
85.603 |
66.803 |
54.215 |
|
|
Managerial Remuneration |
3.845 |
3.887 |
2.740 |
|
|
Payment to Auditors |
0.350 |
0.550 |
0.369 |
|
|
Interest |
33.445 |
11.742 |
7.968 |
|
|
Insurance Expenses |
2.539 |
2.441 |
2.168 |
|
|
Power & Fuel |
79.164 |
43.502 |
36.082 |
|
|
Depreciation & Amortization |
87.380 |
48.747 |
34.196 |
|
|
Other Expenditure |
97.974 |
60.920 |
66.207 |
|
Total Expenditure |
1436.160 |
1131.220 |
988.671 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
7.57
|
13.24 |
12.09 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
12.46
|
19.59 |
20.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
12.08
|
19.44 |
33.14 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.15
|
0.22 |
0.37 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
0.46
|
0.41 |
0.43 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
3.29
|
2.73 |
3.59 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed Assets:
·
Leasehold Land
·
Building
·
Plant and Machinery
·
Laboratory Equipment
·
EDP Equipment
·
Furniture
·
Fittings and other equipment
·
Vehicles etc.
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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
8 |
|
PAID-UP CAPITAL |
1~10 |
8 |
|
OPERATING SCALE |
1~10 |
8 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
8 |
|
--LEVERAGE |
1~10 |
8 |
|
--RESERVES |
1~10 |
8 |
|
--CREDIT LINES |
1~10 |
8 |
|
--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 |
|
72 |
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 |
|