MIRA
INFORM REPORT
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Report Date : |
06.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOGAD FABRICS PRIVATE LIMITED |
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Registered Office : |
G-13-14, Industrial Area, Phase-II, Pali, Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
01.10.2002 |
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Com. Reg. No.: |
17-17843 |
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CIN No.: [Company
Identification No.] |
U17118RJ2002PTC017843 |
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IEC No.: |
0303047801 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JDHG02072A |
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PAN No.: [Permanent
Account No.] |
AABCG7197A |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer of Textile |
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 320000 |
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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.
Trade relations are fair. Business is active. General financial position is
good. Payments are reported as usually made as per commitments. The company can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Devraj Bhansali |
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Designation : |
Director |
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Contact No.: |
91-9414120011 |
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Date : |
04.10.2008 |
LOCATIONS
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Registered Office : |
G-13-14, Industrial Area, Phase-II, Pali, Rajasthan, India |
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Tel. No.: |
91-2932-281121 |
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Mobile No.: |
91-9414120011 |
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Fax No.: |
91-2932-281124 |
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E-Mail : |
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Website : |
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Area : |
20000 Sq. Mt ( Owned) (office + Factory) |
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Factory : |
F-92/93, Ricco Industrial Area, Phae- 2, Pali, Rajasthan, India |
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Tel. No.: |
91-2932-280432 |
DIRECTORS
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Name : |
Mr. Bharat Kumar Gogad |
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Designation : |
Director |
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Address : |
A-184, V.D Nagar, Pali, Marwar, Rajasthan, India |
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Date of Birth/Age : |
01.07.1970 |
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Qualification : |
Graduate |
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Date of Appointment : |
02.10.2002 |
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Name : |
Mr. Pjush Gogad |
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Designation : |
Director |
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Address : |
A-184, V.D Nagar, Pali, Marwar, Rajasthan, India |
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Date of Birth/Age : |
13.08.1972 |
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Qualification : |
B Com |
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Date of Appointment : |
02.10.2002 |
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Name : |
Mr. Bher Chand Gogad |
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Designation : |
Director |
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Address : |
A-184, V.D Nagar, Pali, Marwar, Rajasthan, India |
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Date of Birth/Age : |
02.02.1946 |
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Qualification : |
S.S.C |
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Date of Appointment : |
29.09.2004 |
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Name : |
Mr. Paras Mal Gagad |
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Designation : |
Directro |
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Address : |
1, White House, Flat No. 2, Near Town Hall, Veer Durga Das Nagar,
Pali-306401, Rajasthan, India |
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Date of Birth/Age : |
30.04.1958 |
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Qualification : |
S.S.C |
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Date of Appointment : |
29.09.2007 |
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Other Directorship: |
Sidhi Vinayak Fab Tex Private Limited U17118R2004PTC018916 |
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Name : |
Mr. Dev Raj Bhansali |
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Designation : |
Director |
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Address : |
C-3, Veer Durga Das Nagar, Pali- 306401, Rajasthan, India |
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Date of Birth/Age : |
24.03.1972 |
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Qualification : |
M.B.A |
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Date of Appointment : |
29.09.2007 |
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Other Directorship: |
Sidhi Vinayak Fab Tex Private Limited U17118R2004PTC018916 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Warner Multimedia Limited |
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100000 |
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Prime Capital Market Limited |
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120000 |
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JMD Sound Limited |
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100000 |
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Godawari Commerce Private Limited |
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100000 |
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Jolly Multitrade Private Limited |
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150000 |
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Kumaon Engineering Company Private Limited |
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50000 |
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Fairmont Venture Private Limited |
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50000 |
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Angel Ventures Private Limited |
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50000 |
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Neel Ventures Private Limited |
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50000 |
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Vosjito Multitrade Private Limited |
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150000 |
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B B Shah Private Limited |
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100000 |
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Sidhi Vinayak Fab Tex Private Limited |
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550000 |
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Shree Ganesh Print Fab Tex Private Limited |
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200000 |
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Pushpa Devi Gogad Shanta Ben Gogad Piyush Kumar Gogad |
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300 |
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Lata Devi Gogad Kamlesh Gogad |
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200 |
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Heera Panna Textiles Private Limited |
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37500 |
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Relson India Limited |
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125000 |
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Clarity Finance Private Limited |
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30000 |
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Kasera Agencies Private Limited |
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15000 |
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Ashramleasing and Finance limited |
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62500 |
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Vishxi Hari Merchants Private Limited |
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50000 |
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Ratnanandan Commerical Private Limited |
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22500 |
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Henro Commodities Private Limited |
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25000 |
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Charity Commercial Private Limited |
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40000 |
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Gogad Granite Private Limited |
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200000 |
Equity Share Breakup (Percentage of Total Equity)
As on 30.09.2008
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Category |
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Percentage |
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Bodies Corporate ( not Mentioned Above) |
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84.00 |
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Directors or Relatives of directors |
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16.00 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Textile |
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Products : |
·
Printed Saree ·
Salwar- Kameez ·
Dupatta ·
Scarves ·
Dyed and Printed Dress Material ·
Poplin
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Exports : |
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Countries : |
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Africa ·
Dubai ·
Gulf Countries |
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Imports : |
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Countries : |
·
Singapore ·
USA ·
China |
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Terms : |
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Selling : |
Credit ( 45-60 Days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Agents |
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No. of Employees : |
500 |
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Bankers : |
·
State Bank of Bikaner and Jaipur, Industrial Branch ·
Bank of Baroda, Rajendra Hotel Building, Pali, Rajasthan, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Shivdutta Kalanisco Chartered Accountant |
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Address : |
‘Shru Kripa’ 43, Gharwala Jaw, Mandia Road, Pali-306401, Rajasthan,
India |
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Associates/Subsidiaries : |
·
Shree Ganesh Printfab Private Limited ·
Gogad Granite Private Limited ·
DG Shah Private Limited ·
Naresh Textile Mills ·
Sidhi Vinayak Fab Tex Private Limited ·
B B Shah Private Limited |
CAPITAL STRUCTURE
As on 30.08.2008
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
3950000 |
Equity Shares |
Rs. 10/- each |
Rs. 39.500 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
3354800 |
Equity Shares |
Rs. 10/-
each |
Rs. 33.548
Millions |
As on 31.03.2008
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
2454800 |
Equity Shares |
Rs. 10/-
each |
Rs. 24.548
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 |
24.548 |
19.348 |
9.768 |
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2] Share Application Money |
0.000 |
0.000 |
0.750 |
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3] Reserves & Surplus |
40.204 |
15.509 |
3.579 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
64.752 |
34.857 |
14.097 |
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LOAN FUNDS |
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1] Secured Loans |
37.909 |
69.527 |
4.505 |
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2] Unsecured Loans |
121.728 |
71.350 |
13.382 |
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TOTAL BORROWING |
159.637 |
140.877 |
17.887 |
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DEFERRED TAX LIABILITIES |
1.901 |
1.868 |
1.567 |
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TOTAL |
226.290 |
177.602 |
33.551 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
38.763 |
30.419 |
23.483 |
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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 |
57.701
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59.837 |
7.354 |
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Sundry Debtors |
158.928
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114.780 |
6.797 |
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Cash & Bank Balances |
9.180
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4.018 |
0.077 |
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Other Current Assets |
0.000
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0.000 |
0.000 |
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Loans & Advances |
3.808
|
2.930 |
2.474 |
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Total
Current Assets |
229.617
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181.565 |
16.702 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
41.741
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34.321 |
6.755 |
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Provisions |
0.436
|
0.165 |
0.001 |
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Total
Current Liabilities |
42.177
|
34.486 |
6.756 |
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Net Current Assets |
187.440
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147.079 |
9.946 |
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MISCELLANEOUS EXPENSES |
0.087 |
0.104 |
0.122 |
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TOTAL |
226.290 |
177.602 |
33.551 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2008 |
31.03.2007 |
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Sales Turnover |
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668.500 |
260.000 |
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Other Income |
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0.057 |
0.167 |
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Total Income |
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668.557 |
260.167 |
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Profit/(Loss) Before Tax |
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5.980 |
3.304 |
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Provision for Taxation |
|
2.085 |
0.954 |
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Profit/(Loss) After Tax |
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3.895 |
2.350 |
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Expenditures : |
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Depreciation & financial charges |
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26.120 |
9.963 |
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Other Expenditure |
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636.457 |
246.900 |
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Total Expenditure |
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662.577 |
256.863 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
0.58
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0.90 |
NA |
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Net Profit Margin (PBT/Sales) |
(%) |
0.89
|
1.27 |
NA |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.23
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1.56 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
|
0.09
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0.09 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.12
|
5.03 |
1.75 |
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Current Ratio (Current Asset/Current Liability) |
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5.44
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5.26 |
2.47 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Rajasthan Industries, Pali
·
Jaionss Marketing Private Limited, Pali
Bankers Charges
Report as per Registry
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U17118RJ2002PTC017843 |
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Name of the
company |
GOGAD FABRICS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
G-13-14, Industrial Area, Phase-II, Pali, Rajasthan, India |
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Type of charge |
Immovable
Property Movable Property Others |
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Particular of
charge holder |
State Bank of
Bikaner and Jaipur, SME Industrial Area, Pali-306401, Rajasthan, India |
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Nature of
description of the instrument creating or modifying the charge |
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Date of
instrument Creating the charge |
16.07.2008 |
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Amount secured by
the charge |
Rs. 1.600
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest
2.00% Below BPLR i.e. 13.25% Subject to minimum 11.50% at Present the Rate of
Interest 11.50% subject to Reset at Every 2 Years Terms of
Repayment Repayable in 32
Monthly installments of Rs. 0.050 Million Margin Nil Extent and
Operation of the charge 1.
First Charge
over Entire Fixed Assets of Multil Thead Computerized Embroudery Machinery 2.
First Charge
over entire Fixed assets of the company comprising land and building and
plant and machinery and current assets of the company 3.
First charge
over entire fixed assets of M/s BB Shah Private Limited comprising factory
land and building and plant and machinery 4.
Personal
Guarantee of all directors fo the company. |
|
Short particulars
of the property charged |
1.
First Charge
over Entire Fixed Assets of Multil Thead Computerized Embroudery Machinery 2.
First Charge
over entire Fixed assets of the company comprising land and building and
plant and machinery and current assets of the company 3.
First charge
over entire fixed assets of M/s BB Shah Private Limited comprising factory
land and building and plant and machinery 4.
Personal
Guarantee of all directors fo the company. |
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 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.46.88 |
|
UK Pound |
1 |
Rs.82.97 |
|
Euro |
1 |
Rs.64.99 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
|
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
|
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 |
|