MIRA
INFORM REPORT
|
Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
|
Name : |
SAFFRON SANITARYWARE LIMITED |
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Registered Office : |
Block No. 253, Vrundavan Road, At. And Post Nanapur, Ta Prantij,
Sabarkantha, Himatnagar – 383210, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
27.09.2004 |
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Com. Reg. No.: |
044809 |
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CIN No.: [Company
Identification No.] |
U26933GJ2004PLC044809 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS10074B |
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Legal Form : |
A Closely Held Public Limited Company |
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Line of Business : |
Exporter, Manufacturer and Importer of premium quality sanitary ware
products. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
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Maximum Credit Limit : |
USD 33155 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Financial Position of the company can be regarded as moderate. It’s
payments are reported as slow and delayed. The company can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
Block No. 253, Vrundavan Road, At. And Post Nanapur, Ta Prantij, Sabarkantha,
Himatnagar – 383210, Gujarat, India |
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Tel. No.: |
91-2772- 226491/ 92 |
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Fax No.: |
91- 2772- 226493 |
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E-Mail : |
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Website : |
DIRECTORS
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Name : |
Mr. Navneetbhai S. Patel |
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Designation : |
Director |
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Address : |
B/4, Satyam Society, Mahavir Nagar, Himat Nagar, Dist. Sabarkantha – 383001,
Gujarat, India |
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Date of Birth/Age : |
20.06.1969 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Shankerbhai K. Patel |
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Designation : |
Director |
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Address : |
At and Po-Lalpur (Baduli), Tal. Prantij, Dist. Sabarkantha – 383120,
Gujarat, India |
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Date of Birth/Age : |
01.06.1962 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Shaileshbhai A. Patel |
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Designation : |
Director |
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Address : |
At and Po-Lalpur (Baduli), Tal. Prantij, Dist. Sabarkantha – 383120, Gujarat,
India |
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Date of Birth/Age : |
30.01.1974 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Kanubhai M. Patel |
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Designation : |
Director |
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Address : |
At and Po-Lalpur (Baduli), Tal. Prantij, Dist. Sabarkantha – 383120, Gujarat,
India |
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Date of Birth/Age : |
21.05.1976 |
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Date of Appointment : |
27.09.2004 |
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Name : |
Mr. Rakeshbhai C. Shah |
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Designation : |
Director |
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Address : |
26, Shankar Nagar Sos. Mahavir Nagar, Himat Nagar, Dist. Sabarkantha -
383001, Gujarat, India |
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Date of Birth/Age : |
28.12.1972 |
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Date of Appointment : |
27.09.2004 |
KEY EXECUTIVES
|
Name : |
Mr. Navneet S Patel |
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Designation : |
Secretary |
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Address : |
B/4, Satyam Society, Mahavirnagar, Himatnagar – 383001, Gujarat, India
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Date of Birth/Age : |
20.06.1969 |
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Date of Appointment : |
01.07.2006 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
AS ON 07.05.2005
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Names of Shareholders |
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No. of Shares |
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Navneet Sokabhai Patel |
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40000 |
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Shankarbhai Kodarbhai Patel |
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40000 |
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Shaileshbhai AmiAmichandbhai Patel |
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50000 |
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Kanu Motibhai Patel |
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50000 |
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Rakesh Champaklal Shah |
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30000 |
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Vinodkumar Virchandbhai Patel |
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10000 |
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Kamleshkumar Prabhudas Patel |
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10000 |
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Amichandbhai Vithalbhai Patel |
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10000 |
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Anjuben Kanubhai Patel |
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10000 |
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Champaklal Somchand Shah |
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30000 |
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Devabhai Nathabhai Patel |
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10000 |
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Dineshbhai Kesharbhai Patel |
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25000 |
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Ganpatbhai Haribhai Patel |
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10000 |
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Girishbhai Maganbhai Patel |
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20000 |
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Hareshkumar Maganbhai Patel |
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20000 |
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Haribhai Karsanbhai Patel |
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20000 |
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Jagdhishbhai Pashabhai Patel |
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30000 |
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Jaiprakashbhai Pashabhai Patel |
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30000 |
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Kailashben Shankarbhai Patel |
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20000 |
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Kantibhai Kodarbhai Patel |
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20000 |
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Manibhai Visharambhai Patel |
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20000 |
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Manjuben Champaklal Shah |
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12500 |
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Mukeshbhai Revabhai Patel |
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10000 |
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Mukeshbhai Keshbhai Patel |
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25000 |
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Popatbhai Revabhai Patel |
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20000 |
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Prabhudasbhai Revabhai Patel |
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30000 |
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Rajkumar Chatarpal Sharma |
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10000 |
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Rameshbhai Haribhai Patel |
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10000 |
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Rameshbhai Valjibhai Patel |
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20000 |
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Rasikbhai Manikbhai Patel |
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10000 |
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Ravindrabhai Haribhai Patel |
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10000 |
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Revabhai Bhaychandbhai Patel |
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15000 |
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Shantaben Manibhai Patel |
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20000 |
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Sushilben Navinbhai Patel |
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30000 |
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Virchandbhai Jivenbhai Patel |
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15000 |
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Alpaben Shaileshkumar Patel |
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10000 |
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Dahyabhai Hatibhai Patel |
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20000 |
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Dahyabhai Mavabhai Patel |
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20000 |
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Dilipbhai Amichandbhai Patel |
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10000 |
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Dipakbhai Govindbhai Patel |
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20000 |
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Divaben Arunkumar Patel |
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20000 |
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Divyeshkumar Champaklal Shah |
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10000 |
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Gangaben Jayantilal Patel |
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20000 |
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Ishawarbhai Madhabhai Patel |
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20000 |
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Katibhai Mavabhai Patel |
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20000 |
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Motibhai Dahyabhai Patel |
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10000 |
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Rashmikaben Rakeshkumar Shah |
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7500 |
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Sachin Ishwarlal Patel |
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20000 |
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Shankabhai Kuberbhai Patel |
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10000 |
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Sureshbhai Karsanbhai Patel |
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20000 |
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Sanjaykumar Govindbhai Patel |
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20000 |
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Total |
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1000000 |
AS ON 29.09.2007
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Equity Share Breakup
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Percentage of
Holding |
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Category |
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Directors or relatives of directors |
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44.00 |
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Other top fifty shareholders |
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56.00 |
BUSINESS DETAILS
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Line of Business : |
Exporter, Manufacturer and Importer of premium quality sanitary ware
products. |
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Products : |
Ř
Wash Basins Ř
Water Closets Ř
Pans Ř
Urinals Ř
Other Accessories |
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Imports : |
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Countries : |
China |
GENERAL INFORMATION
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No. of Employees : |
150 |
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Bankers : |
Bank of India Navrangpura Branch, Swastik Char Rasta, C G Road, Navrangpura,
Ahmedabad - 380009 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K. K. Patel and Associates Chartered Accountant |
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Address : |
F – 51, 2nd Floor, Akash Ganga Complex, Himatnagar –
383001, Gujarat, India |
CAPITAL STRUCTURE
AS ON 29.09.2007
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- Each |
Rs.10.000
Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
1000000 |
Equity Shares |
Rs. 10/- Each |
Rs.10.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
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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10.000 |
8.775 |
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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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0.000 |
0.000 |
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4] (Accumulated Losses) |
|
(3.369) |
0.000 |
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NETWORTH |
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6.631 |
8.775 |
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LOAN FUNDS |
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1] Secured Loans |
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23.746 |
0.000 |
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0.0002] Unsecured Loans |
|
4.259 |
0.044 |
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TOTAL BORROWING |
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28.005 |
0.044 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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34.636 |
8.819 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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32.666 |
11.239 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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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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5.237 |
0.000 |
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Sundry Debtors |
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0.634 |
0.000 |
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Cash & Bank Balances |
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1.163 |
0.443 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
|
0.122 |
0.867 |
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Total
Current Assets |
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7.156 |
1.310 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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5.251 |
4.225 |
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Provisions |
|
0.091 |
0.034 |
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Total
Current Liabilities |
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5.342 |
4.259 |
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Net Current Assets |
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1.814 |
(2.949) |
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MISCELLANEOUS EXPENSES |
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0.156 |
0.529 |
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TOTAL |
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34.636 |
8.819 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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5.400 |
1.277 |
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Other Income |
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2.744 |
0.036 |
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Total Income |
|
8.144 |
1.313 |
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Profit/(Loss) Before Tax |
|
0.108 |
(3.369) |
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Provision for Taxation |
|
0.000 |
0.000 |
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Profit/(Loss) After Tax |
|
0.108 |
(3.369) |
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Expenditures : |
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Raw Material Consumed |
|
3.293 |
5.181 |
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Consumption of stores and spares parts |
|
0.187 |
0.408 |
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Increase/(Decrease) in Finished Goods |
|
(1.687) |
(5.236) |
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Salaries, Wages, Bonus, etc. |
|
0.612 |
0.180 |
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Interest |
|
1.599 |
1.091 |
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Insurance Expenses |
|
0.043 |
0.010 |
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Power & Fuel |
|
0.887 |
0.561 |
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Depreciation & Amortization |
|
1.373 |
1.501 |
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Other Expenditure |
|
1.727 |
0.984 |
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Total Expenditure |
|
8.035 |
4.682 |
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KEY RATIOS
|
PARTICULARS |
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|
31.03.2007 |
31.03.2006 |
|
PAT / Total Income |
(%) |
|
01.32 |
(2.56) |
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Net Profit Margin (PBT/Sales) |
(%) |
|
02.00 |
(2.63) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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02.71 |
(26.84) |
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Return on Investment (ROI) (PBT/Networth) |
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01.62 |
(38.39) |
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Debt Equity Ratio (Total Liability/Networth) |
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3.02 |
49.03 |
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Current Ratio (Current Asset/Current Liability) |
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1.33 |
0.30 |
LOCAL AGENCY FURTHER INFORMATION
Form No.8
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This form is for |
Creation of charge
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Corporate
identity number of the company |
U26933GJ2004PLC044809 |
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Name of the
company |
SAFFRON SANITARYWARE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Block No. 253, Vrundavan Road, At. And Post Nanapur, Ta Prantij,
Sabarkantha, Himatnagar – 383210, Gujarat, India |
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Type of charge |
Movable Property |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
No instrument
executed but equitable mortgage charge on immovable properties created by
deposits of title deeds of immovable properties of the company for which oral
assets was recorded on 15.03.2008 to secure the total fund based and non fund
based credit facilities of Rs.7.250 Millions |
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Date of
instrument Creating the charge |
15.03.2008 |
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Amount secured by
the charge |
Rs.7.250 Millions
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Cash Credit –
Stocks – 0.50% Over BOI BPLR Min 13.00% on monthly rest basis or such other
as many be prescribed by the bank from time to time guarantee – as per Bank’s
rules Terms of
Repayment CC Stock – On
Demand/ Annual Review Guarantee – On
Demand/ annual Review Margin CC Stocks – 25% Guarantee – 25% Extent and
Operation of the charge First and
Exclusive equitable mortgage charge on all the movable properties being land,
building, structures of office premise at Himatnagar to secure the credit
facilities of Rs.72.50 lacs alongwith Int., ADDL INT, Commition, Cost,
Charges and all such Amt Due to the bank from time to time Others Credit facilities
amount in millions CC Stock 4.450
Millions Guarantee 2.822
Millions Total 7.250
Millions |
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Short particulars
of the property charged |
At those pieces
and parcels of non agricultural property situated at shop no 4 on the First
Floor of Sidhivinayak Annexy Complexy Himmatnagar admeasuring about 21.14 sq.
meters City Survey No. 3439/ 2 Paiki of mouje Himmatnagar Taluka Himmatnagar
Dist Sabarkantha Along with all the structures standing thereon |
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] 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.49.29 |
|
UK Pound |
1 |
Rs.80.40 |
|
Euro |
1 |
Rs.63.35 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
4 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
33 |
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 |
|