MIRA
INFORM REPORT
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Report Date : |
24.10.2008 |
IDENTIFICATION DETAILS
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Name : |
OVERSEAS
CONNEXION LIMITED |
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Registered
Office : |
28, Basant Lok, Vasant Vihar, |
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Date of
Incorporation : |
10.05.1994 |
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Com. Reg. No.: |
55-58909 |
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CIN No.: [Company
Identification No.] |
U74899DL1994PLC058909 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DEL000791A |
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Legal Form : |
A closely Public
Limited Liability Company. |
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Line of
Business : |
Importers,
Distributors and Traders of all kinds of wooden and steel furniture. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 95000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are
reported as fair. Business is active. Payments are usually correct and per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
|
Name : |
Ms. Bharti |
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Designation : |
Import Manager |
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Date : |
23.10.2008 |
LOCATIONS
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Registered Office : |
28, Basant Lok, Vasant Vihar, New Delhi – 110 054, India |
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Tel. No.: |
91-11-46039999 |
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Fax No.: |
91-11-46015295 |
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E-Mail : |
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Website : |
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Area : |
2000 Gajs (5 Floor Building) |
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Location : |
Rented |
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Corporate Office : |
8/19, W.E.A., 1st
Floor, Smile Chamber Satbharwan Marg, Karol Bagh, New Delhi 110005 |
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Tel. No.: |
91-11-25754461/25763436/25711761/25766538 |
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Fax No.: |
91-11-25766538 |
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E-Mail : |
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Area : |
15000 sq. ft. |
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Location : |
Commercial-Owned |
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Showroom : |
8/19, W.E.A.,
Smile Chambers, 1st Floor, Karolbagh, New Delhi – 110 005, India |
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Tel. No.: |
91-11-25754461 /
25763436 |
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Fax No.: |
91-11-25763437 |
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Branches: |
· Bangalore: Woodville, House No. 4008, 100ft. Road, Hall 2nd Stage, Indira Nagar, Bangalore, Karnataka Tel No.: 91-25284320 Email: Wville@bgl.vsnl.net.in · JMD, DLF, Gurgaon, Haryana, India |
DIRECTORS
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Name : |
Mr. Sandeep
Sabharwal |
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Designation : |
Director |
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Address: |
59/6, Parbhat
Road, Karol Bagh, New Delhi - 110 005 |
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Qualification: |
B.A. (Eco.) |
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Experience: |
21 Years |
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Date of Birth
/ Age: |
25.10.1963 / 45
years |
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Date of
Appointment : |
28.07.1994 |
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Other
Directorship: |
Sabharwal Brothers – Partner |
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Name : |
Ms Priti
Sabharwal |
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Designation : |
Director |
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Address |
59/6, Parbhat
Road, Karol Bagh, New Delhi - 110 005 |
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Date of Birth
/ Age: |
12.10.1966 / 42
years |
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Date of
Appointment : |
28.07.1994 |
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Name : |
Mr. Peetamber
Balani |
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Designation : |
Whole Time
Director |
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Address: |
82, Mayfair Apartment, Hauz Khas, New Delhi - 110 017 |
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Date of Birth: |
13.10.1933 / 74
years |
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Date of
Appointment : |
25.05.1995 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names
of Shareholders |
No. of Shares |
Percentage of Holding |
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Mr. Sandeep
Sabharwal |
51430 |
16.96 % |
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Ms Priti
Sabharwal |
120810 |
39.84 % |
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Mr. Peetamber
Balani |
65010 |
21.44 % |
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Ms Lila Balani |
28510 |
9.40 % |
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Ms Surekha Anand |
5010 |
1.65 % |
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Ms Nirmal Chandha |
3000 |
0.99 % |
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Mr. Parmanand
Balani |
5000 |
1.65 % |
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Ms Mamta
Choudhary |
5000 |
1.65 % |
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Ms Chandrika
Gandhi |
500 |
0.16 % |
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Gulshan Sahni and
Sons |
2500 |
0.82 % |
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Ms Sushila Dhotre |
10000 |
3.30 % |
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Mr Gulshan
Sawhney |
2000 |
0.66 % |
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Mr Ashok Kumar
Balani |
500 |
0.16 % |
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Mr Mahesh Balani |
500 |
0.16 % |
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Mr Anil Kumar
Balani |
500 |
0.16 % |
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Mr Pavan Kumar
Sabharwal |
3000 |
0.99 % |
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Total |
303270 |
100.00 % |
BUSINESS DETAILS
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Line of Business : |
Importers,
Distributors and Traders of all kinds of wooden and steel furniture. |
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Imports : |
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Products : |
Kitchen Cabinets,
Modular Kitchen and Accessories, Wooden and Steel Furniture |
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Countries : |
China, European
Countries, Italy and Spain |
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Terms : |
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Selling : |
L/C, Credit |
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Purchasing : |
L/C, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, End Users, Direct Customers |
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No. of Employees : |
35 |
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Bankers : |
Ø
ING
Vysya Bank, 16/11, Arya Samaj Road, Karol Bagh, New Delhi Ø
ICICI
Bank Limited Ø
Andhra
Bank Ø
Union
Bank of India Ø
ANZ
Grindlays Bank Ø
State
Bank of Indore, Green Park, New Delhi Ø
Axis
Bank, Vasant Vihar, New Delhi |
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Facilities : |
The subject is
enjoying the following facilities with Andhra Bank Cash Credit: Rs.
6 million Letter of Credit:
Rs. 2.50 million Bank Guarantee:
Rs. 1 million It is secured
against hypothecation of stock, book debts, machinery, bills and order
moveable and immovable property.
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Singh And Bakhru Chartered
Accountant |
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Address : |
N -15, Chitranjan
Park, New Delhi - 110 019, India |
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Associates/Subsidiaries : |
Mamta Enterprises Partnership
Concern Activity : Trader of Furniture, Modular Kitchens 8 One Collection Partnership
Concern Mr. Gulshan
Sawhney and Mr. Sandeep Sabharwal Satya Carpets Private Limited Private Limited
Company Decor Rubber Industries Partnership
Concerns Zotica Exim Partnership
Concern Mr. Nalin
Sachdeva and Mr Sandeep Sabharwal |
CAPITAL STRUCTURE
Authorised Capital
:
|
No. of Shares |
Type |
Value |
Amount |
|
1250000 |
Equity Shares |
Rs. 10 Each |
Rs. 12.500 millions |
Issued, Subscribed
& Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
303270 |
Equity Shares |
Rs. 10 Each |
Rs. 3.032 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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300.000 |
Expected Sales (2008-09): Rs.400.000 millions
ABRIDGED BALANCE SHEET
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SOURCES
OF FUNDS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
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SHAREHOLDERS
FUNDS |
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1] Share Capital |
3.033 |
3.033 |
3.033 |
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2] Share
Application Money |
0.000 |
0.100 |
0.100 |
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3] Reserves &
Surplus |
9.714 |
8.913 |
6.432 |
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4] (Accumulated
Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH
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12.747 |
12.046 |
9.565 |
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LOAN FUNDS |
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1] Secured Loans |
9.380 |
13.348 |
11.447 |
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2] Unsecured
Loans |
1.697 |
5.081 |
3.663 |
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TOTAL BORROWING
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11.077 |
18.429 |
15.110 |
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DEFERRED TAX
LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL
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23.824 |
30.475 |
24.675 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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10.497 |
10.223 |
11.016 |
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Capital work-in-progress
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0.000 |
3.471 |
3.442 |
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INVESTMENT
|
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS
|
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS &
ADVANCES
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Inventories
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19.005
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20.082 |
26.830 |
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Sundry Debtors
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20.787
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17.649 |
9.240 |
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Cash & Bank Balances
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0.089
|
0.589 |
1.418 |
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Other Current Assets
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0.000
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0.000 |
0.000 |
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Loans & Advances
|
3.119
|
3.022 |
4.541 |
Total Current Assets
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43.000
|
41.342 |
42.029 |
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Less :
CURRENT LIABILITIES & PROVISIONS
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Current Liabilities
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25.323
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21.961 |
29.425 |
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Provisions
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4.350
|
2.600 |
2.444 |
Total Current Liabilities
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29.673
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24.561 |
31.869 |
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Net Current Assets
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13.327
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16.781 |
10.160 |
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MISCELLANEOUS EXPENSES
|
0.000 |
0.000 |
0.000 |
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TOTAL
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23.824 |
30.475 |
24.675 |
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PROFIT &
LOSS ACCOUNT
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PARTICULARS |
31.03.2005 |
31.03.2004 |
31.03.2003 |
Sales Turnover [including other
income]
|
71.741 |
65.315 |
65.535 |
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Profit/(Loss) Before Tax
|
2.551 |
2.651 |
1.244 |
Provision for Taxation
|
1.750 |
0.170 |
0.232 |
Profit/(Loss) After Tax
|
0.801 |
2.481 |
1.012 |
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Total Expenditure
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69.190 |
62.664 |
64.291 |
KEY RATIOS
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
31.03.2003 |
PAT / Total Income
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(%)
|
1.12
|
3.80 |
1.54 |
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Net Profit Margin
(PBT/Sales) |
(%) |
4.83
|
5.02 |
2.22 |
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Return on Total Assets
(PBT/Total
Assets} |
(%) |
4.77
|
4.82 |
2.20 |
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Return on Investment (ROI)
(PBT/Networth) |
|
0.20
|
0.22 |
0.13 |
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Debt Equity Ratio
(Total
Liability/Networth) |
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3.20
|
3.57 |
4.91 |
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Current Ratio
(Current
Asset/Current Liability) |
|
1.45
|
1.68 |
1.32 |
LOCAL AGENCY FURTHER INFORMATION
OTHER DETAILS:-
Incorporated on May 10, 1994 the subject is engaged in the business of Importers, Distributors and Traders of all kinds of wooden and steel furniture. The subject deals with Office Furniture, Domestic Furniture, Modular kitchen, and Kitchen Accessories.
Kitchen appliances under the brand name ‘Ariston’
In built-in-hobs series, the items are PH 9-41 M-90 CM, 40 M-90 CM, 41 MSTV-90CM; PH 6-40M-60CM, 31 M-60 CM; PF 7-40 MS 70 CM, 41 M-70 CM A And PF3-20 M-30 CM, F-30 CM, 02-30 CM and G-30 CM. Apart from PF 3 series, the number of gas burners vary from 2 to 4.
Most require automatic ignition with a flame failure gas cut-off system. PF 7 40 MS-70 CM and F-3 20 M-30 CM need push-button-ignition and a flame-failure-device to prevent gas leak if the burner accidentally goes out.
In Pf 3 Series come 02-30 CM, F-30 CM and G-30 CM. The first has two rapid elecric plates for baking; the second a deep fat fryer with a thermostat control; and the third a bar-be-que griller. The built-in oven series includes FM-27 M, 51 R and MM 26. FM 27 M is called “Seven Chefs”. It has illuminated control panel, air cooling fan, triple glazed oven door and programmable electronic timer.
The subject also deals in built-in microwaves with two items: MM-211 M and 212 M. The products in white-black finishes have a six-level power selector for both defrosting and warming with minute-minder and end cooking light.
Overseas Connexion Limited the oldest name in modular kitchen branded under “Kitchen Art” presents a range of exotic furniture for the Modern kitchen. “Epoca” is its range of finest Italian furniture. Epoca is available in four different visually attractive finishes, white ash, sea green, pale blue and chestnut. The designs are both classical and modern while retaining the beauty and detail of natural wood.
In short Epoca capitulates the best of both finish and functionally and will appeal to all homes contemporary or classic.
Observation of our Earlier Field Visit: The subject is one of the leading importers, Distributor and Traders of all kinds of wooden and steel furniture. The subject also deals in providing and fixing of modular kitchen. The subject is having well decorated show room and Corporate Office situated at Karol Bagh, New Delhi which is owned by them and it is situated at prime commercial location. It is also learnt that the subject is importing all materials on LC basis, which is fully secured. However, the subject has not filed their Audited Balance Sheet and Annual Return after 1997 with Registrar of Companies for Public Inspection.
The subject is an Authorised Distributors for Indesis, Europe Authorised Distributor for DuPont Corian
Vetriarredo Glass Bricks
Kitchen Cabinets and Accessories
The subject doses not export and sells in the domestic market.
Quality Information :
The quality information as on March 31, 2005 was as follows.
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Class of Goods |
Unit |
Opening Stock |
Purchase |
Sales |
Closing Stocks |
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Qty |
Value |
Qty |
Value |
Qty |
Value |
Qty |
Value |
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Appliances |
Nos |
467 |
46 |
891 |
116 |
1037 |
156 |
321 |
25 |
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Furniture |
Pcs |
7851 |
109 |
3355 |
276 |
6597 |
543 |
4609 |
99 |
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Glass Blocks |
Nos |
18811 |
21 |
2536 |
1 |
16463 |
9 |
4884 |
5 |
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Floorings |
Sq. Mtrs |
232 |
0 |
0 |
0 |
232 |
0 |
0 |
0 |
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Others |
Pcs. |
0 |
0 |
7474 |
13 |
7474 |
14 |
0 |
0 |
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|
27361 |
176 |
14256 |
406 |
31803 |
722 |
9814 |
139 |
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 :
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.49.79 |
|
UK Pound |
1 |
Rs.81.27 |
|
Euro |
1 |
Rs.63.91 |
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 |
|