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MIRA
INFORM REPORT
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Report Date : |
12.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
REIFENHAUSER (INDIA) MARKETING LIMITED |
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Registered Office : |
229, Udyog Bhavan, Sonawala Road, Goregaon (East),
Mumbai-400063, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
27.12.1993 |
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Com. Reg. No.: |
11-75814 |
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CIN No.: [Company
Identification No.] |
L74999MH1993PLC075814 |
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IEC No.: |
393071782 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMR06844F |
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PAN No.: [Permanent
Account No.] |
AAACR2003H |
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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 the Business of acting as Indenting Agent and Providing Technical Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Aa |
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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 250,000 |
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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 .Reifenhauser GmbH and Company, Germany is holding 50 % equity in the Company. Directors are reported as experienced and respectable businessmen. Their trade relations are reported as fair. Business is active. Payments are regular and as per commitments. The company can be considered normal for business dealings at usual trade terms and conditions. The company can be considered as a promising business partner in medium to long run. |
LOCATIONS
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Registered Office : |
229, Udyog
Bhavan, Sonawala Road, Goregaon (East), Mumbai-400063, Maharashtra, India |
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Tel. No.: |
91-22-26862711 |
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Mobile No.: |
91- 9821035058 |
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Fax No.: |
91-22-26862722 |
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E-Mail : |
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Website : |
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Area : |
Total 2400 sq. ft. = 1800 Owned + 600 Rented |
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Branch Office : |
Pocket-L, Flat No. 523, Sarita Vihar, New Delhi 110 076, India |
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Branch Office : |
2nd Floor, Old No. 17, New No. 25, Sir P. S. Siraswamy,
Salai, Mylapore, Chennai, India |
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Branch Office : |
New Delhi |
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Tel. No.: |
91 – 93122 13983 |
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E-Mail : |
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Branch Office : |
Chennai |
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Tel. No.: |
91-93810 49435 |
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E-Mail : |
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Branch Office : |
Kolkata |
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Tel. No.: |
91-93312 31722 |
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E-Mail : |
Biswajit@reifenhauserindia.com |
DIRECTORS
|
Name : |
Mr. Manish A Mehta |
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Designation : |
Managing Director |
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Address : |
4, Archana Apartment, 4, A, B. Nair Road, Juhu, Mumbai-49 |
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Date of Birth/Age : |
24.05.1961 |
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Qualification : |
BSC, DMM, Diploma in Plastic Technology |
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Experience : |
23 Years |
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Date of Appointment : |
27.12.1993 |
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Name : |
Mrs. Usha M. Mehta |
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Designation : |
Whole time Director |
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Address : |
4, Archana Apartment, 4, A, B. Nair Road, Juhu, Mumbai-49 |
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Date of Birth/Age : |
27.10.1961 |
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Qualification : |
Diploma in Accounts and Admin |
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Experience : |
23 Years |
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Date of Appointment : |
27.12.1993 |
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Name : |
Mr. Hamir A Mehta |
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Designation : |
Whole time Director |
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Address : |
4, Lalit Kunj, Dadabhai Road, Vile Parle (West), Mumbai-49 |
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Date of Birth/Age : |
03.09.1964 |
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Qualification : |
B. Com., F. C A |
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Experience : |
19 Years |
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Date of Appointment : |
15.03.1995 |
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Name : |
Mr. Ulrich Hans Reifenhauser |
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Designation : |
Chairman |
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Address : |
AM Driesch, 19, 53844, Troisdorf, Germany |
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Date of Birth/Age : |
11.06.1956 |
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Qualification : |
Degree in Business Studies |
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Experience : |
24 Years |
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Date of Appointment : |
28.06.1995 |
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Name : |
Klaus Anton Reifenhouser |
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Designation : |
Director |
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Address : |
Birklester, 56 A, 53844, Troisdorf, Germany |
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Date of Birth/Age : |
12.12.1957 |
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Qualification : |
Degree in Business Studies |
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Experience : |
23 Years |
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Date of Appointment : |
28.06.1995 |
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Name : |
Dr. Ing. Harald Gotthardt |
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Designation : |
Director |
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Address : |
KAMPF Gmbh and Company KG, Maschinenenfabrik, Muehlener Strasse 36-42, D-51674 Wiehl, Germany |
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Date of Birth/Age : |
12.12.1948 |
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Qualification : |
Diploma – Ingenieur, Doctorate |
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Experience : |
32 Years |
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Date of Appointment : |
27.06.2005 |
KEY EXECUTIVES
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Name : |
A. Sekar |
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Designation : |
Company Secretary |
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Address : |
Mumbai – 400 056, Maharashtra, India |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 31.03.2008
|
Names Of Shareholders |
|
No. of equity
Shares |
|
Mr. Manish Arvind Mehta |
|
4.900 |
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Mrs. Usha Manish Mehta |
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4,900 |
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Mr. Hamir Arvind Mehta |
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4,500 |
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Ms. Jinali Manish Mehta |
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7,150 |
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Ms. Pragna Arvind Mehta |
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7,150 |
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Mrs. Falguni Hamir Mehta |
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7,150 |
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Ms. Bhadra Ramakant Vaishnav |
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7,150 |
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Mr. Manish A Mehta HUF |
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7,150 |
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Reifenhauser GMBH and Company Maschinenfabrik |
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50,050 |
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Total |
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1,00,100 |
Equity share breakup (percentage of total equity)
As on 31.03.2008
|
Sr. No. |
Category |
Percentage |
|
1 |
Foreign holdings (foreign institutional
investor(s), foreign companie(s), foreign financial institution(s), non-resident
Indian(s) or overseas corporate bodies or others |
50.00 |
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2 |
Directors or relatives of directors |
50.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
The Company is engaged in the Business of acting as Indenting Agent and providing after sales and technical services and act as procurement agent for certain companies. |
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Products : |
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Exporters : |
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Products : |
v Food Disposals v PP Sheets v FIBC Big Bags v T-shirt Bags v Vaccum Bags |
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Countries : |
v Germany v France v Italy v Poland |
GENERAL
INFORMATION
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Principals : |
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Customers : |
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No. of Employees : |
Total : 37 ( Office : 26, Branch : 11) |
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Bankers: |
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Auditors : |
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Name : |
M. A. Parikh and Company Chartered Accountants |
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Address : |
Yusuf Building, 2nd Floor, 43, M. G. Road,
Fort, Mumbai – 23, Maharashtra, India |
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Tel. No.: |
91-22-22041018 |
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Associates : Address: |
229,Udyog
Bhavan, Sonawala Road, Goregaon (East), Mumbai 400 063, Maharashtra, India Line of Business: Marketing of Machineries and Consultancy |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
200000 |
Equity shares |
Rs. 10/- each |
Rs. 2.000 millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
100100 |
Equity shares |
Rs. 10/- each |
Rs. 1.001
millions |
(Includes 49980 Equity Shares of Rs. 10/- each allotted as fully paid-up Bonus Shares by capitalization of profits.)
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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 |
1.001 |
1.001 |
1.001 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
62.608 |
42.815 |
35.844 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
63.609 |
43.816 |
36.845 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
0.000 |
0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
1.873 |
1.886 |
1.794 |
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TOTAL |
65.482 |
45.702 |
38.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
10.989 |
10.567 |
10.955 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
1.980 |
2.480 |
1.980 |
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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 |
0.000
|
0.000
|
0.000 |
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Sundry Debtors |
18.145
|
13.849
|
16.617 |
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Cash & Bank Balances |
35.017
|
24.546
|
10.796 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
2.632
|
2.345
|
1.801 |
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Total
Current Assets |
55.794
|
40.740
|
29.214 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
2.902
|
7.548
|
3.278 |
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Provisions |
0.379
|
0.537
|
0.232 |
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Total
Current Liabilities |
3.281
|
8.085
|
3.510 |
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Net Current Assets |
52.513
|
32.655
|
25.704 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
65.482 |
45.702 |
38.639 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Income |
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Sales Turnover |
66.071 |
39.297 |
28.518 |
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Other Income |
0.304 |
1.806 |
0.602 |
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Total Income |
66.375 |
41.103 |
29.120 |
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Expenditures : |
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Administrative
Expenses |
14.155 |
12.704 |
10.968 |
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Salaries, Wages,
Bonus, etc. |
20.302 |
16.232 |
8.767 |
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Depreciation
& Amortization |
0.812 |
0.733 |
0.694 |
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Total
Expenditure |
35.269 |
29.669 |
20.429 |
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Profit/(Loss)
Before Tax |
31.106 |
11.434 |
8.691 |
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Provision for
Taxation |
11.313 |
4.463 |
3.542 |
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Profit/(Loss)
After Tax |
19.793 |
6.971 |
5.149 |
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Earnings in
Foreign Currency |
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Commission and
Fees |
56.394 |
32.863 |
27.314 |
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Non Compete Fees |
3.363 |
3.520 |
0.000 |
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Total Earnings
in Foreign Currency |
59.757 |
36.383 |
27.314 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
29.82 |
16.96
|
17.68 |
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Net Profit Margin (PBT/Sales) |
(%) |
47.08 |
29.10
|
30.47 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
47.50 |
25.01
|
22.49 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.49 |
0.26
|
0.24 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.05 |
0.18
|
0.09 |
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Current Ratio (Current Asset/Current Liability) |
|
17.00 |
5.04
|
8.32 |
LOCAL AGENCY
FURTHER INFORMATION
Fixed assets:
- Office
Premises
- Office Equipments
- Electrical
Fittings
- Furniture’s
and Fixtures
- Computers
- Plant and
Machinery
- Motor car
- Scooter
Principals
Subject is joint venture Company with M/s Reifenhauser GmbH and
Co, Germany responsible for marketing and servicing of entire
range of extrusion machinery and individual component like extruders, die,
winders etc. in India.
Besides selling Reifenhauser Germany products the company has taken exclusive
sales and services rights for various other companies like Kampf GmbH and Company ,
Netstal-Maschinen AG, Kreyenborg GmbH, A. Schulman , etc.
The performance of the company has been encouraging considering the general up trend in the Indian economy. Further, the new agencies acquired by the company during the previous years have also contributed to the result. The company expects to achieve better results with the order book situation looking attractive.
Subject is an
agency house representing the following principal in the field of plastic
processing, converting and packaging “
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Name of The Principal |
Deals in |
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Acigraf graphic equipments S.R.L. |
Measurement of Mechanical and Optical Properties - Rotogravure
cylinder making Equipments |
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AFS Entwicklungs+Vertreibs Gmbh |
Corona Treaters , Needle Perforators |
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Advance Vision Technology Ltd |
Printing defect Detection Systems |
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A. Schulman Plastics N.V. |
Master batch and Additives for Plastic Ind. |
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BKG –
Bruckmann |
Underwater Pelletizing Systems |
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BEKUM Maschinenfabriken GmbH |
Blow Molding Machines |
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Comexi S.A.U |
Laminators & CI Flexo Printing Machines |
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Dr. Schenk Inspection Systems |
Measurement of Mechanical and Optical Properties |
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Gidue S.p.A. |
Flexo/offset press for flexible packaging industry |
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Fasnacht+co. AG |
Viscosity Control Equipment |
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Herbold Meckeshim |
Washing System –wet |
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Hans Weber Maschinenfabrik GmbH |
Pipe/Profile Extrusion lines |
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Kreyenborg GmbH |
Filtration systems, Melt Pumps and Recycling lines |
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Kampf Sschneid-und Wickeltechnik Gmbh & Co. KG |
Winders and Slitters for Plastic and Aluminium Foil |
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Leybold Optics GmbH |
Metallisers |
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New long Machine Works Limited |
Paper bags / Paper sack Mfg. Machines. |
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Netstal-Maschinen AG |
High speed injection Moulding M/cs |
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Next Generation
Recycling Maschinen |
Recycling Machines for synthetic wastes |
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Paper Machinery
Corporation |
Paper Cup making machines |
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Polyrema KG |
Refurbished machine in the field of Blown film, Cast film and thermofoaming sheet line besides making their own mono and 3-layer blown film line up to max width of 1400mm |
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P.T. Reinplas Sejahtera |
Aluminium wires for Metallizing |
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Prati s.r.l. |
Slitters, winders |
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Reifenhauser Extrusion Gmbh & Co.KG |
Extrusion Plants and Extruding Machinery Component |
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Reiloy Metall GmbH |
Manufacturer of Screw and barrel from various metal combinations including bi-metallic |
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Reimotec Maschinen-und Anlagenbau GmbH |
Machine manufacturer of complete extrusion line for monofilament out of PP/ PET / PA 6-66, Poly sulphone etc and strapping line from PP /PA/ PET |
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Reifenhauser Reicofil GmbH & Co.KG |
Spun bond & Melt blown nonwoven lines |
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Reprochem - |
Chemicals for Graphic Arts Flexible dies (rotary and flat), rotary cutters, printing cylinders, hot stamping and magnetic cylinders and many other tools |
|
Sung An
Machinery Co. Ltd. |
Roto gravure Printing press |
|
Totani Corporation |
Pouch making machines |
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Vea Srl |
Matrix Pumps |
Services
Besides marketing and selling high quality equipment they provide exclusive service for installation, Technical advice for ordering spare parts , Repair and Preventive Maintenance and Refurbish of Existing Machinery
Qualified and Experienced Mechanical, Electrical and Electronic Engineer periodically trained at their Principal’s works to update Technical Developments and New Technology.
24 Hours Service Hotline – Cell 0091-93223 38415
Today, they take immense pleasure in mentioning that some of the best names in the Plastics field are customers of RIML. Right from extrusion BOPP / BOPET to printing laminating, and master batch besides injection moulded product like optical disc PET Preform , caps and closures and Blow ,moulded products like bottle containers and Jerry can for packing of industrial chemical pharmaceuticals cosmetics and automotive applications like fuel tank, spoilers etc.
RIML has it's presence felt in a broad spectrum related to plastic processing, packaging and converting field.
Present
Ever since Reifenhäuser India Marketing Limited. (RIML) came into existence, high levels of customer commitment and professionalism have been the hallmark of the company's growth. To anybody associated with the Plastics and Packaging field in India, RIML is not a new name.
Seldom you come
across a marketing house engaged in particular line of activity who has been so
thoroughly professional in its approach. The management has not only explored
all avenues of business possibilities in plastic line which includes processing
and converting, but also has
penetration in all segments of plastics industry in India with a vast range of
product they offer.
Most importantly,
most of the productive individual in the company is well trained, at site of
Principal’s factory, abroad, so the total of the talent that lies with the
company is enormous.
The dynamic and dedicated team of RIML under the able leadership of Mr. Manish Mehta has achieved a reputation and success.
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 :
The 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. 42.00 |
|
UK Pound |
1 |
Rs. 80.47 |
|
Euro |
1 |
Rs. 62.82 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
9 |
|
PAID-UP CAPITAL |
1~10 |
9 |
|
OPERATING SCALE |
1~10 |
9 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
9 |
|
--PROFITABILIRY |
1~10 |
8 |
|
--LIQUIDITY |
1~10 |
9 |
|
--LEVERAGE |
1~10 |
9 |
|
--RESERVES |
1~10 |
9 |
|
--CREDIT LINES |
1~10 |
9 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
YES |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
80 |
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/normal. |
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, they have no basis upon which to
recommend credit dealings |
No Rating |
|