MIRA
INFORM REPORT
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Report Date : |
23.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
SHAH FOILS PRIVATE LIMITED |
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Registered Office : |
E – 1 Terrace Apartment, Navrang Pura, Ahmedabad – 380009, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
06.04.2004 |
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Com. Reg. No.: |
04-43927 |
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CIN No.: [Company
Identification No.] |
U27209GJ2004PTC043927 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMS07743B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers
of Stainless Steel Coils, Sheets, and Strips |
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 420000 |
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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. Trade relations are fair. Business is active. Payments are
reported as usually correct and as per commitments. The company can be considered good for normal business dealings. |
LOCATIONS
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Registered Office : |
E – 1 Terrace Apartment, Navrang Pura, Ahmedabad – 380009, Gujarat,
India |
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Tel No.: |
91-2764-2286234/ 2286894 |
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Fax No.: |
91-2764-268178 |
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Mobile No.: |
91-9376168794/ 9820149989/ 9322510267/ 9825065852 |
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E-Mail : |
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Website : |
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Administrate Office/ Factory : |
1820, Santej, Opposite Raj Nagar Bus Stand, Santej Khatraj Road, Tal –
Karol, Gandhinagar – 382721, Gujarat, India |
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Tel. No.: |
91-2764-286834/ 286894 |
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Fax No.: |
91-2764-268178 |
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Mobile No.: |
91-9376168794 |
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E-Mail : |
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Mumbai Office : |
Room No.102, 1st Floor, Snehmilan Building, 100-102, C P
Tank Road, Mumbai – 400004, Maharashtra, India |
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Tel. No.: |
91-22-23888547/ 23888548 |
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Fax No.: |
91-22-23888504 |
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Email : |
DIRECTORS
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Name : |
Mr. Sukhraj A. Singhvi |
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Designation : |
Director |
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Address : |
100 Sector – 2, Gandhidham, Kutch – 370201, Gujarat, India |
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Date of Birth/Age : |
20.05.1949 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Babulal A. Singhvi |
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Designation : |
Director |
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Address : |
99 Sector – 2, Gandhidham, Kutch – 380022, Gujarat, India |
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Date of Birth/Age : |
03.12.1952 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Dineshkumar A. Shah |
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Designation : |
Director |
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Address : |
201 A, Sidharth Building, Factory Lane, Borivali West, Mumbai,
Maharashtra, India |
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Date of Birth/Age : |
01.08.1948 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Bipinchandra A. Shah |
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Designation : |
Director |
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Address : |
11 Sanjau Society, Rakhial Station, Gandhi Nagar, Gujarat, India |
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Date of Birth/Age : |
01.06.1952 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Rameshchandra M. Shah |
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Designation : |
Director |
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Address : |
A-2, Madhu Sagar, Building Kempes, Corner, Mumbai, Maharashtra, India |
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Date of Birth/Age : |
07.01.1950 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Mahendra M. Shah |
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Designation : |
Director |
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Address : |
E-1, Terrace Appartment, Navrangpura, Amhedabad – 380009, Gujarat,
India |
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Date of Birth/Age : |
01.02.1953 |
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Date of Appointment : |
06.04.2004 |
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Name : |
Mr. Kartik Rameshbhai Shah |
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Designation : |
Director |
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Address : |
1004, Pushkar Apartment, Judges Bunglow Road, Bodak Dev, TA: Dashkoi,
Ahmedabad – 380015, Gujarat, India |
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Date of Birth/Age : |
24.08.1973 |
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Date of Appointment : |
06.04.2004 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 30.09.2005)
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Names of Shareholders |
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No. of Shares |
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Sukhraj A Singhvi |
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550000 |
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Babulal A Singhvi |
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550000 |
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Dineshkumar A Shah |
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1127500 |
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Bipinchandra A Shah |
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660000 |
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Rameshchandra M Shah |
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852500 |
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Mahendra M Shah |
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550000 |
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Kartik R Shah |
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385000 |
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Lekhraj Kanungo |
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250000 |
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Manjudevi Kanungo |
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250000 |
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Preksha Kanungo |
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250000 |
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Smita Exim Private Limited |
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75000 |
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Total |
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5500000 |
(As on 31.03.2007)
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Category |
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Percentage |
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Bodies Corporate |
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1.36 |
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Directors or relatives of directors |
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85.00 |
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Other top fifty shareholders (other than listed above) |
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13.64 |
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Total |
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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Stainless Steel Coils, Sheets, and Strips |
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Products : |
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GENERAL
INFORMATION
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No. of Employees : |
500 |
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Bankers : |
Commercial Branch, 3rd Floor, Paramsiddhi Complex, Opposite
V. S. Hospital, Ellisbridge, Ahmedabad – 380006, Gujarat, India |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bhanwar Jain and Company Chartered Accountant |
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Address : |
302, Kaling Complex, Near Mount Carmel School, Ashram Road, Ahmedabad
– 380009, Gujarat, India |
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Tel No.: |
91-79-26583107 |
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Fax No.: |
91-79-26587038 |
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Associates
Companies : |
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CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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6000000 |
Equity Shares |
Rs.10/- each |
Rs.60.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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5500000 |
Equity Shares |
Rs.10/- each |
Rs.55.000
Millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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55.000 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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29.757 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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84.757 |
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LOAN FUNDS |
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1] Secured Loans |
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152.754 |
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2] Unsecured Loans |
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89.467 |
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TOTAL BORROWING |
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242.221 |
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DEFERRED TAX LIABILITIES |
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11.479 |
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TOTAL |
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338.457 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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100.649 |
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Capital work-in-progress |
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0.370 |
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INVESTMENT |
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0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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121.561 |
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Sundry Debtors |
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135.538 |
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Cash & Bank Balances |
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0.852 |
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Other Current Assets |
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0.000 |
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Loans & Advances |
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20.285 |
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Total
Current Assets |
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278.236 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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35.973 |
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Provisions |
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5.045 |
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Total
Current Liabilities |
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41.018 |
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Net Current Assets |
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237.218 |
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MISCELLANEOUS EXPENSES |
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0.220 |
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TOTAL |
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338.457 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2007 |
31.03.2006 |
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Sales Turnover |
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762.634 |
698.400 |
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Other Income |
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0.467 |
2.207 |
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Total Income |
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763.101 |
700.607 |
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Profit/(Loss) Before Tax |
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11.495 |
11.029 |
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Provision for Taxation |
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4.138 |
6.487 |
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Profit/(Loss) After Tax |
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7.357 |
4.542 |
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Export Value |
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15.181 |
12.509 |
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Import Value |
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0.186 |
0.240 |
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Expenditures : |
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Financial Charges |
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21.721 |
19.240 |
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Depreciation & Amortization |
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12.715 |
11.396 |
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Other Expenditure |
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717.170 |
658.942 |
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Total Expenditure |
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751.606 |
689.578 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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0.96 |
0.65 |
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Net Profit Margin (PBT/Sales) |
(%) |
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1.51 |
1.58 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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3.03 |
NA |
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Return on Investment (ROI) (PBT/Networth) |
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0.14 |
NA |
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Debt Equity Ratio (Total Liability/Networth) |
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3.34 |
NA |
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Current Ratio (Current Asset/Current Liability) |
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6.78 |
NA |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
PROFILE:
Subject
of friends group established in the year 1975 as trader and came in to existence
in the year 1999 as a unit designed to manufacture stainless steel coils,
sheet, & strips.
Subject is located in the industrial area of santej (kalol) of Gandhi Nagar
district, in the state of Gujarat in Western India.
Subject has risen to become one of the largest manufacturers of stainless steel
coils, sheets, and strips in India. It has well equipped and advanced machines
manned by professional team of technicians and skillful workers to deliver best
quality product on par with international standards with reasonable price to
sell all over the globe.
PRODUCTION CAPACITY
Subject is equipped with all the resources to manufacture 1500MT per month of
cold rolled stainless steel coils, sheets & Strips with installed capacity
of 18000MT per year.
PRODUCT DEVELOPMENT
Subject is working towards meeting the need-based requirement of its customer
to their entire satisfaction.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No records exist designating subject or any of its beneficial owners,
controlling shareholders or senior officers as terrorist or terrorist
organization or whom notice had been received that all financial transactions
involving their assets have been blocked or convicted, found guilty or against
whom a judgement or order had been entered in a proceedings for violating
money-laundering, anti-corruption or bribery or international economic or
anti-terrorism sanction laws or whose assets were seized, blocked, frozen or
ordered forfeited for violation of money laundering or international
anti-terrorism laws.
2] Court Declaration :
No records exist to suggest that subject is
or was the subject of any formal or informal allegations, prosecutions or other
official proceeding for making any prohibited payments or other improper
payments to government officials for engaging in prohibited transactions or
with designated parties.
3] Asset Declaration :
No records exist to suggest that the property or assets of the subject
are derived from criminal conduct or a prohibited transaction.
4] Record on Financial
Crime :
Charges or conviction registered
against subject: None
5] Records on Violation of
Anti-Corruption Laws :
Charges or
investigation registered against subject: None
6] Records on Int’l
Anti-Money Laundering Laws/Standards :
Charges or
investigation registered against subject: None
7] Criminal Records
No
available information exist that suggest that subject or any of its principals
have been formally charged or convicted by a competent governmental authority for
any financial crime or under any formal investigation by a competent government
authority for any violation of anti-corruption laws or international anti-money
laundering laws or standard.
8] Affiliation with
Government :
No record
exists to suggest that any director or indirect owners, controlling
shareholders, director, officer or employee of the company is a government
official or a family member or close business associate of a Government
official.
9] Compensation Package :
Our market
survey revealed that the amount of compensation sought by the subject is fair
and reasonable and comparable to compensation paid to others for similar
services.
10] Press Report :
No press reports / filings exists on
the subject.
CORPORATE
GOVERNANCE
MIRA INFORM as part of its Due Diligence do provide comments on
Corporate Governance to identify management and governance. These factors often
have been predictive and in some cases have created vulnerabilities to credit
deterioration.
Our Governance Assessment focuses principally on the interactions
between a company’s management, its Board of Directors, Shareholders and other
financial stakeholders.
CONTRAVENTION
Subject is not known to have contravened any existing local laws,
regulations or policies that prohibit, restrict or otherwise affect the terms
and conditions that could be included in the agreement with the subject.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.40 |
|
UK Pound |
1 |
Rs.83.15 |
|
Euro |
1 |
Rs.65.74 |
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 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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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45 |
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 |
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