MIRA
INFORM REPORT
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Report Date : |
14.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
BHAVI TUBES AND CONTAINERS PRIVATE LIMITED |
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Registered Office : |
B/14, Patel Park, Neharu Road, Santacruz East, Mumbai 400029, Maharashtra. |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Summarised figures) |
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Date of Incorporation : |
24.03.1992 |
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Com. Reg. No.: |
066055 |
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CIN No.: [Company
Identification No.] |
U28129MH1992PTC066055 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMB05556F |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer ,Exporter and Importer of Personal care Products like,
Toothpaste, Skincare, Haircare, Babycare, etc. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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Maximum Credit Limit : |
USD 22935 |
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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 fine track. Directors are reported as
experienced and respectable businessmen. Trade relations are reported as
fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered good for normal business dealings at usual trade terms and
conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. Yogesh Patel |
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Designation : |
Director |
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Date : |
13.10.2008 |
LOCATIONS
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Registered Office : |
B/14, Patel Park, Neharu Road, Santacruz East, Mumbai 400029, Maharashtra. |
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Tel. No.: |
91-22-26650887/ 91-22-26650920 |
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Fax No.: |
91-22-26650892 |
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E-Mail : |
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Website : |
www.bhavigroup .com |
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Area : |
1000 sq ft |
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Location : |
Owned |
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Factory 1 : |
730, At post. Rakanpur, Near Santaj Village 382721, Taluka: Kalol, Gandhinagar, Gujarat. |
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Tel: |
91-2764-286611, 2866113 |
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Fax: |
91-2764-286114 |
DIRECTORS
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Name : |
Mr. Yogesh Patel |
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Designation : |
Director |
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Address : |
F-53, Patel Park,
Opp. P & T Quarters, Santacruz (E), Mumbai – 400029 |
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Date of Birth/Age : |
20.06.1967 |
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Qualification : |
B.E (Elecronics) |
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Date of Appointment : |
24.03.1992 |
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Name : |
Mr. Vijay Patel |
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Designation : |
Director |
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Address : |
F-53, Patel Park,
Opp. P & T Quarters, Santacruz (E), Mumbai – 400029 |
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Date of Birth/Age : |
06.04.1965 |
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Qualification : |
B.E (Electronics and commercial) |
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Date of Appointment : |
24.03.1992 |
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Name : |
Mr. Bipinchandra
Bhogilal Patel |
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Designation : |
Director |
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Address : |
9-B, Gokul Apartment,
Behind Octroy Naka, Nava Wadaj, Ahmedabad – 380013 |
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Date of Birth/Age : |
03.12.1960 |
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Qualification : |
B.SC |
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Date of Appointment : |
24.03.1992 |
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Name : |
Mr. Hiten B Patel
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Designation : |
Director |
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Address : |
F-53, Patel Park,
Opp. P & T Quarters, Santacruz (E), Mumbai – 400029 |
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Date of Birth/Age : |
10.12.1968 |
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Qualification : |
B.E (Chemicals and Plant) |
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Date of Appointment : |
18.01.2000 |
KEY EXECUTIVES
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Name : |
Dhimant Shah and Associates |
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Designation : |
Company Secretary |
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Address : |
2-D, Parshva Darshan apartment, Chandavarkar Lane, Borivali (W),
Mumbai 400092. |
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Mobile : |
91-9224428347 |
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Phone : |
91-22-28907743 |
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E-mail : |
Dhimant n shah2003@yahoo.com |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Ms. Shantaben B
Patel |
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3900 |
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Mr. Vijay
Bhagubhai Patel |
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2210 |
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Mr. Yogesh Patel |
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1625 |
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Mr. Hiten B Patel
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2275 |
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Ms. Roopali V
Patel |
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260 |
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Ms. Dhara Y Patel
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845 |
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Ms. Vandana H
Patel |
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260 |
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Mr. B S Patel HUF |
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260 |
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Mr. Somnath Patel
HUF |
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260 |
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Mr. Bipinbhai
Patel |
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1105 |
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Total |
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13000 |
Equity Share Breakup (Percentage of total equity):
(As on 29.09.2007)
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Category |
Percentage |
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Directors or relatives of directors |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer ,Exporter and Importer of Personal care Products like,
Toothpaste, Skincare, Haircare, Babycare, etc. |
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Products : |
·
ORAL CARE (TOOTHPASTE w/wo BRUSH) ·
SKIN CARE (BEAUTY CREAM/LOTIONS/OILS) ·
HAIR CARE (SHAMPOOS/CONDITIONERS/CREAMS) ·
FACE CARE (SHAVING CREAM/FACE WASH/MASK)
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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Terms : |
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Selling : |
L/C Advance Payment |
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Purchasing : |
L/C |
GENERAL
INFORMATION
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Suppliers : |
v
Bhagrith
Boxes Private Limited v
Essel
Propack Limited v
Gulshan
Polyoles Limited v
Kismat
Printpack v
Madhu Silica
Private Limited v
Megnish Packing
Industries v
Parthsarthi
Polymers v
Perfect
Traders v
Swati
Industries v
T Alimahomed
and Company v
Venayl
Plast v
R K Pathak v
TNT India
Limited v
R B Patel v
Sunica Pasta |
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No. of Employees : |
100 |
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Bankers : |
v
Oriental Bank
of Commerce, Ahmedabad v
Oriental
Bank of Commerce overseas Branch, Nariman Point. v
Oriental
Bank of Commerce Santacruz(W) Mumbai. v
State Bank
of India, Santacruz(E) Mumbai. |
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Banking
Relations : |
Good |
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Auditors : |
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Name : |
R J Pathak and
Company Chartered
Accountants |
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Address : |
Issni Apartments,
Nahar Nagar, Malad West, Mumbai – 400064, Maharashtra, India |
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Memberships : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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13000 |
Equity Shares |
Rs. 100/- Each |
1.300 Millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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13000 |
Equity Shares |
Rs. 100/- Each |
1.300 Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
|
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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1.300 |
1.300 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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3.287 |
2.273 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.587 |
3.573 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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15.200 |
14.261 |
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TOTAL BORROWING |
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15.200 |
14.261 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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Advance from Customers |
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0.000 |
8.522 |
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TOTAL |
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19.787 |
26.356 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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7.370 |
5.811 |
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Capital work-in-progress |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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29.665 |
25.838 |
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Sundry Debtors |
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2.542 |
2.250 |
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Cash & Bank Balances |
|
0.544 |
7.848 |
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Other Current Assets |
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2.946 |
0.248 |
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Loans & Advances |
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5.093 |
3.447 |
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Total
Current Assets |
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40.790
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39.631
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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28.233 |
18.600 |
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Other Liabilities |
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Provisions |
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0.141 |
0.485 |
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Total
Current Liabilities |
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28.374
|
19.086
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Net Current Assets |
|
12.416
|
20.545
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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19.787 |
26.356 |
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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 |
129.593 |
113.027 |
109.041 |
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Other Income |
14.116 |
0.000 |
0.000 |
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Total Income |
143.709 |
113.027 |
109.041 |
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Profit/(Loss) Before Tax |
13.274 |
1.155 |
0.622 |
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Provision for Taxation |
0.000 |
0.141 |
0.486 |
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Profit/(Loss) After Tax |
13.274 |
1.014 |
0.136 |
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Expenditures : |
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Interest |
0.025 |
0.000 |
0.000 |
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Depreciation & Amortization |
0.123 |
1.037 |
0.874 |
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Clearing charges |
0.444 |
110.835 |
107.545 |
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Bank Charges |
0.195 |
0.000 |
0.000 |
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Salary Expenses |
0.060 |
0.000 |
0.000 |
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Remuneration to Partners |
0.750 |
0.000 |
0.000 |
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Other Expenditure |
128.838 |
0.000 |
0.000 |
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Total Expenditure |
130.435 |
111.872 |
108.419 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
|
0.01
|
0.56 |
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Net Profit Margin (PBT/Sales) |
(%) |
|
1.02
|
0.56 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
|
2.40
|
1.36 |
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Return on Investment (ROI) (PBT/Networth) |
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|
0.25
|
0.17 |
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Debt Equity Ratio (Total Liability/Networth) |
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|
9.50
|
9.33 |
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Current Ratio (Current Asset/Current Liability) |
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|
1.44
|
2.08 |
SUMMARISED
FIGURES
(As
On 31.03.2008)
|
PARTICULARS |
31.03.2008 |
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SHAREHOLDER FUNDS |
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Share captital |
1.300 |
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Reserve and surplus |
3.185 |
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LOAN FUNDS: |
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Unsecured Loans |
29.588 |
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FIXED ASSEDTS: |
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Fixed Assets( Net Block ) |
7.729 |
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CURRENT ASSETS, LOAN AND ADVANCE |
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Sundry Debtors |
9.106 |
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Inventories |
36.287 |
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Cash and Bank Balance |
8.830 |
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Loan and advance |
9.965 |
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Other current assets |
1.177 |
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CURRENT LIABILITIES AND PROVISION: |
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Current Liabilities |
15.492 |
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Provision |
0.381 |
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Other Liabilities |
3.761 |
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement
of Indiamart for Trust-Seal |
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Excise Registration No.: AAACB0678C XM001 |
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VAT / TIN : 24060101348 |
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IEC Code : 0393007570 |
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PAN / TAN : AACB0678C |
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Bank Name : Oriental Bank Of Commerce |
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Bank Address : Overseas Branch, Dalamal Tower, Nariman Point. |
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Bank A/c. No.: 8364 |
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Account Since : 1992 |
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In case of any affiliations / memberships / certifications : |
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Name : ISO |
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Type : 9001:2000 |
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Expiry Date : 6998-2007-AQ-IND-RVA, Date issue 2004-08-10/2010-08-10 |
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CST : 24560101348 |
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Website Details attached:
Fixed Assets
Ø
Air conditioner
Ø Building
Ø Cellular Phone
Ø Jeep
Ø Land
Ø Scooter
Ø Water Cooler
Ø Xerox Machines
Ø Generator
Ø Furniture
Ø Plant and Machinery
Ø Motor Car
Ø Fridge
Ø Xerox Machines
Ø Laboratory Equipments
Dividend
The directors recommend 400
% dividend for the year ended 31.03.2005
Future Outlook
The company is having
bright prospects due to expansion of domestic as well as export markets. The
company has plans to expand the capacities in respect of existing products
lines
As per Website
Profile
Established in 1979, they started off as a small company engaged in
manufacturing of Tooth-powder.
In 1983, they set up a medium scale organisation with local partners
manufacturing toothpaste and other toiletries. Around 1992, they established a
'Bhavi Team' of young dynamic engineers and technicians, which today is
considered as one of the most trusted manufacturer of Toothpaste (Dental Cream), Toothbrush, Shaving Cream, Beauty Cream and
other Toiletries / Cosmetic Products. Most of their products
manufactured are being exported across the world under private label brands and
customized packaging. Their entire range of products are produced in accordance
with the international GMP standards and comes out with flawless quality.
Manufacturing of these products
are carried out under globally accepted ISO - 2000 quality management system and
GMP compliant facilities.
All manufactured products are
exported to more than 25 countries many Latin & Central American, African
& Asian countries.
Founder of 'company Group', Mr.
B.S. Patel (B.E. Mechanical) had initiated the group
activities in late 1979. The current management of the group consists of the
most experienced techno-commercial team
of Engineers, Administrators, Research & Product Development Specialists,
Foreign Trade Management Executives and more than 50 skilled & semi-skilled
personnel.
Their products are being designed, researched and perfected for
various international markets so that, it becomes saleable, affordable and
fully meets the consumers'
satisfaction. Today, they are well known for the most consistent
quality and shortest lead times.
Manufacturing Capabilities
Their F.D.A. licensed &
ISO-9001:2000 QMS certified manufacturing unit is situated very near to the
city of Ahmedabad in the state of Gujarat (appx. - 550 km from Mumbai). It is
being set up in a land of 60000 sq. feet with a 35000 sq. feet R.C.C. pharma
grade building meeting GMP norms.
It consists of advanced
high-speed production lines and storage facilities duty set-up to run 24x7
hours in a closed controlled environment, fully equipped R&D laboratory,
pilot plants, 24x7 electricity & water supply, water & effluent
treatment plants, full-fledged administrative office set-up, worker's quarters,
latest transportation & communication facilities.
Today, they manufacture a wide
range of Oral Care, Skin Care, Hair Care, Face Care, Baby Care and Ethnic Care
formulations dully packaged in Tubes, Cartons, Jars, Bottles, Satchels,
Blisters, etc.
Most of the raw and packing
material vendors are world leading and reputed companies.
Installed
Production Capacities.
Ø
Toothpaste base manufacturing - 10000 MT per annum
Ø
Cosmetic Cream/Liquid base manufacturing - 7500 MT per annum
Ø
Tube &/or Jar Filling/Packing - 100 million tubes per
annum
Ø
Sachet Filling/Packing - 20 million bottles per annum
Ø
Bottle Filling/Packing - 20 million bottles per annum
Ø
Tooth Brush manufacturing - 5 million brush per annum
Ø
Blister Packing - 5 million blister packs per annum.
Research & Development
They truly believe in the process of 'Customization, Optimization &
Perfection' to achieve the goal of global market presence and best Consumer
Satisfaction.
Their fully equipped Research & Development laboratory, Pilot Plants,
Experienced Expertise has helped them to become the leader in the Private Label
manufacturing industry from India.
It also gives them unique advantage and expertise to match customized
specifications and develop latest formulations.
After years of continuous research and development, today they have developed a
wide range of Oral Care, Skin Care, Hair Care, Baby Care and Face Care formulations
and internationally admired packaging. Current R&D activities are more
focused to develop Natural & Herbal Care product lines
Features
-They produce several types and grades of Toothpaste Formulations to suit
versatile customer requirements.
-Their entire range of Toothbrush Handles are available in assorted shapes as
well as transparent or opaque colors. Bristles are available in nylon grade
with end-rounded in individual or multiple packings.
-Shaving cream is manufactured under advanced vacuum process to meet
international standards. Choice of fragrances can be provided along with
menthol for its cooling effect.
At company, customization, optimization and perfection of each products make
them affordable and fit for each client's qualitative expectations. Their
current management consists of a techno-commercial experienced team of
engineers, chemists, foreign trade management executives and skilled personnel.
Their manufacturing plant comprises of state-of-the-art machineries, technicians,
and infrastructure to produce and procure internationally acceptable quality as
well as packaging requirements. They have their own model set-up of Research
and Development to formulate, test and commercialize wide range of Toothpastes (all types), Shaving creams and
Face Creams.
They believe that in order to sustain consistent growth rate, it is necessary
to improve and innovate novel products constantly. They would be delighted to
work with all the companies seeking high quality products at affordable rates.
They assure you excellent services and a long lasting association.
Customization,
Optimization & Perfection is their key to Success
Subject manufactures and offers a range of Toothpaste
(Dental Cream), Toothbrush, Shaving Cream, Beauty Cream & Other Toiletries/
cosmetic Products. Products manufactured are either private label brands or
sold under brand name 'Lovedent'. Most of the products manufactured by the
group are either being exported world wide under Private Label brands &
customised packaging.
Their Customisation, Optimisation and Perfection of
each product make them affordable, saleable, and fit for each client's
qualitative expectations for a paticular market. They also provide the
flexibility and possible guidance to empower their clients to compete in all
types of markets, earn profits and enjoy goodwill forever.
This has been achieved by lots of efforts &
professionalism of their 'Bhavi Team' ('Futuristic Team'), which not only
includes the Promoters & Employess, but also their reliable vendors &
associates. Current management of the group compoanies, consist of the
technocommercial and most experienced team of Engineers, Chemists, Foreign
Trade Management Executives and Skilled personnel. All vendors and suppliers of
the company are most experienced and quality conscious.
Subject believes in the Global World & by
providing at reasonable rate, they feel very proud and responsible their due
share to global society.
Primary Competitive Advantages
Ø
ISO
9001:2000 Certified by D.N.V., The Netherlands
Ø
Most
Consistent and World Class Quality at most Reasonable Price
Ø
Wide
Range of Toothpaste and Personal Care Formulations
Ø
World
Class & Wide Range of Packaging Options (Ex. Tube, Cartons, Sachets, Jars,
Bottles, Blister Packing etc.)
Ø
Huge
Installed Production Capacities
Ø
Best
lead Times with on Time Shipments
Ø
Best
Flexibility for Small and large Runs
Ø
Privately
Held Group, that Reacts to the needs much Faster
Ø
More
than 25 years of manufacturing experience
Ø
Unmatched
manufacturing infrastructure and Huge Warehousing facilities
Ø
F.D.A.
Licensed Factory Following Best G.M.P. Norms.
Ø
Full
Fledged R&D Lab for New Formulation / Product Developments.
Installed Capacities
Ø
Toothpaste
base manufacturing - 10000 MT per annum
Ø
Cosmetic
Cream / Liquid base manufacturing - 7500 MT per annum
Ø
Tube
& Jar Filling / Packing - 100 million tubes per annum
Ø
Sachet
Filling / Packing - 80 million sachets per annum
Ø
Bottle
Filling / Packing - 20 million bottles per annum
Ø
Tooth
Brush manufacturing - 5 million brushes per annum
Ø
Blister
Packing - 5 million blister packs per annum
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.48.14 |
|
UK Pound |
1 |
Rs.82.73 |
|
Euro |
1 |
Rs.65.63 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
|
PAID-UP CAPITAL |
1~10 |
7 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
7 |
|
--PROFITABILIRY |
1~10 |
7 |
|
--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
7 |
|
--RESERVES |
1~10 |
7 |
|
--CREDIT LINES |
1~10 |
7 |
|
--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 |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
|