MIRA
INFORM REPORT
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Report Date : |
22.10.2008 |
IDENTIFICATION DETAILS
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Name : |
YASH EXPORTS |
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Registered Office : |
4 / 319, Sonawala Estate, Goregaon (East), Mumbai – 400 063, |
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Country : |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1968 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMY01462G |
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IEC NO.: |
0306038790 |
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PAN No.: [Permanent
Account No.] |
AFYPK9166J |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and exporters of Electrical Transmissions and
Distribution Items |
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/normal. |
Small |
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Maximum Credit Limit : |
USD 5000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow but Correct |
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Litigation : |
Clear |
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Comments : |
Subject is small concern having moderate track records. Scale of activity is small. Payments are reported
as slow but correct. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr.Preeti |
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Designation : |
Export Department |
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Date : |
18.10.2008 |
LOCATIONS
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Registered Office : |
4 / 319, Sonawala Estate, Goregaon (East), Mumbai – 400 063,
Maharashtra, |
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Tel. No.: |
91-22-26853407 / 3470 |
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Mobile No.: |
91-9821131329 |
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Fax No.: |
91-22-26853397 |
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E-Mail : |
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Website : |
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Area : |
600 Sq. fts. |
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Location : |
Owned |
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Factory 1 : |
106 / 105, Opposite Actual Industrial Estate, Near Srikrishna Alum
Village, Kudus, Wada, Thane, Maharashtra, India |
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Tel No.; |
952526-220486 |
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Fax No.: |
91-22-26853397 |
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E-Mail: |
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Area : |
2000 Sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mrs. Reena Tarun Kandhari |
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Designation : |
Proprietor |
KEY EXECUTIVES
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Name : |
Mr. Tarun S. Kandhari |
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Designation : |
Chief executive Officer |
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Mobile No.: |
91-9821131329 |
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Address : |
Vastu Tower (Tower 2), A – Wing, Flat No. 1604, 16th Floor,
Evershine Nagar, Link Road, Malad (West), Mumbai, Maharashtra, India. |
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Age : |
39 years |
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Qualification : |
B. Com. |
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Experience : |
21 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporters of Electrical Transmissions and
Distribution Items |
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Products : |
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Exports : |
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Products : |
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Countries : |
v
Ghana v
Ethiopia, v
Uganda, v
Mauritius, v
Myanmar, v
Nigeria etc. |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers and End users |
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No. of Employees : |
22 (Office: 10 ; Factory: 12) |
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Bankers : |
Union Bank of India Shrei Sadan, Shantaben Estate, Goregaon (East), Mumbai, Maharashtra,
India |
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Facilities : |
The concern does not enjoy any facility from its banker |
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Auditors : |
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Name : |
O. P. Gupta and Associates Chartered Accountant |
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Address : |
Bldg No.: 36, Room no. 1918, Gandhi Nagar, Bandra (East), Mumbai 400
051, Maharashtra, India. |
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Tel. No.: |
91-22-26430777 |
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Fax No.: |
91-22-26434555 |
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E-Mail : |
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Associates/Subsidiaries : |
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Name: |
J N Kandhari and Company |
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Line of
Business: |
Manufacturers and suppliers of overbeed transmission, distribution line
materials and telecommunication hardware. |
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Address: |
4 / 319, Sonawla Estate, Goregaon (East), Mumbai |
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Name: |
Prerna Trading Company |
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Line of
Business: |
Dealer and distributors of all type of electrical transmission and distribution
line materials. |
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Address: |
4 / 319, Sonawla Estate, Goregaon (East), Mumbai |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million |
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Borrowed : |
0.000 |
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Total : |
Rs. 1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover |
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4.000 |
5.000 |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.442 |
2.315 |
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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) |
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0.000 |
0.000 |
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NETWORTH |
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2.442 |
2.315 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
2.141 |
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2] Unsecured Loans |
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0.620 |
0.608 |
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TOTAL BORROWING |
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0.620 |
2.749 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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3.062 |
5.064 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.637 |
0.630 |
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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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0.579
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4.761 |
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Sundry Debtors |
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0.140
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0.430 |
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Cash & Bank Balances |
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2.150
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0.180 |
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Other Current Assets |
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0.000
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0.000 |
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Loans & Advances |
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2.038
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1.502 |
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Total
Current Assets |
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4.907 |
6.873 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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1.386
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0.941 |
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Provisions |
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1.096
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1.498 |
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Total
Current Liabilities |
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2.482
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2.439 |
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Net Current Assets |
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2.425
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4.434 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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3.062 |
5.064 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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15.406 |
4.267 |
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Other Income |
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0.400 |
1.201 |
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Total Income |
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15.806 |
5.468 |
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Profit/(Loss) Before Tax |
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0.792 |
0.519 |
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Provision for Taxation |
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0.123 |
0.103 |
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Profit/(Loss) After Tax |
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0.669 |
0.416 |
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Earnings in Foreign Currency : |
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Export Earnings |
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15.406 |
4.267 |
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Other Earnings |
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0.200 |
0.144 |
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Total Earnings |
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15.606 |
4.411 |
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Expenditures : |
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Cost of Goods Sold |
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13.052 |
3.400 |
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Administrative Expenses |
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1.500 |
1.111 |
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Interest |
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0.316 |
0.241 |
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Depreciation & Amortization |
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0.146 |
0.197 |
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Total Expenditure |
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15.014 |
4.949 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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4.23
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7.60 |
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Net Profit Margin (PBT/Sales) |
(%) |
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5.14
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12.16 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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14.28
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6.91 |
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Return on Investment (ROI) (PBT/Networth) |
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0.32
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0.22 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.27
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2.24 |
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Current Ratio (Current Asset/Current Liability) |
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1.97
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2.81 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Shangvi Industries Limited, Hyderabad (Purchase Department)
- Welspun India Limited, Mumbai (Purchase Department)
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.83 |
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UK Pound |
1 |
Rs.85.12 |
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Euro |
1 |
Rs.65.86 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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37 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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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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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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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