MIRA INFORM REPORT
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Report Date : |
22.04.2011 |
IDENTIFICATION DETAILS
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Name : |
PAT INTERNATIONAL PRIVATE LIMITED |
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Registered Office : |
No. 77 – B, Jigani Industrial Area, Anekal Taluk, Banglore, 562106,
Karnataka. |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
10.01.2000 |
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Com. Reg. No.: |
08-26201 |
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CIN No.: [Company
Identification No.] |
U14102KA2000PTC026201 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRP01930F |
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PAN No.: [Permanent
Account No.] |
AABCP9504C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Granite Slabs, Marbles, Tiles and
Monuments. |
RATING & COMMENTS
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MIRA’s Rating : |
B (29) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 45460 |
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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 : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair.
Business is active. Payments are reported to be slow but correct. The company can be considered
for business dealings with some caution. |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
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Name : |
Mr. Manish |
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Designation : |
Director |
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Date : |
20.04.2011 |
LOCATIONS
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Registered Office/Factory : |
No. 77 – B, Jigani Industrial Area, Anekal Taluk, Banglore, 562106, |
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Tel. No.: |
91-80-26684046/26681632 |
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Mobile No. : |
91-9845204656 (Mr. Manish) |
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Fax No.: |
91-80-26684046 |
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E-Mail : |
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Location : |
Owned |
DIRECTORS
As On 29.09.2010
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Name : |
Mr. Manish Somani |
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Designation : |
Director |
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Address : |
No. 98, 34th Main, BTM Ist Stage, Dolloars Scheme, |
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Date of Birth/Age : |
30.10.1975 |
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Qualification : |
Post Graduate |
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Date of Appointment : |
10.01.2000 |
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Name : |
Mr. Nandlal L. Somani |
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Designation : |
Director |
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Address : |
No. 98, 34th Main, BTM Ist Stage, Dolloars Scheme, |
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Date of Birth/Age : |
10.04.1948 |
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Qualification : |
Graduate (Science) |
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Date of Appointment : |
10.01.2000 |
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Name : |
Mr. Mitesh Somani |
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Designation : |
Director |
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Address : |
No. 17, 29thMain, BTM 2nd Stage, |
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Date of Birth/Age : |
04.08.1978 |
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Qualification : |
Graduate |
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Date of Appointment: |
28.03.2005 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2010
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Names of Shareholders |
|
No. of Shares |
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Anil Ku mar Dhul Chand Pokharna |
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1000 |
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Anitha Ashok Agarwal |
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1000 |
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Chandrakala Ashok Kumar Kothari |
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1000 |
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Jagdish Prasad Nityanand |
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17500 |
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Kishori Lal Verma |
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10000 |
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Manish Nand Lal Somani |
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5110 |
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Mitesh Nand Lal Somani |
|
25110 |
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Nand Lal Somani (HUF) |
|
120000 |
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Nand Lal Somani |
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9110 |
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Navneet Kumar Vardi Chand |
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1000 |
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Neetu Sanjay Kumar Jain |
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1000 |
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P. Kantilal Jain |
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1000 |
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S. Parasamal Jain |
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1000 |
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Satvir Kumar Kishori Lal Verma |
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10000 |
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Pushpa Nandi Lal Somani |
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5000 |
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Somani Agro Private Limited |
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40000 |
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Suresh Chand HUF |
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1000 |
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Suresh Chand Agarwal |
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2500 |
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Tara Kumari |
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1000 |
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Vardichand |
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1000 |
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Shilpa Manish Somani |
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25000 |
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Amrita Mitesh Somani |
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15000 |
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Smt.Poonam Garg |
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10000 |
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Vishwa
Nath Sharma |
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5000 |
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Smt.Radha Rani |
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5000 |
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Mr.Surender Pal Magoon |
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8750 |
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Sh. Anil Kapor, Huf |
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15000 |
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Smt. Meena Garg |
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6250 |
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Smt. Parveen Rani |
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5000 |
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Smt.Sarla Rani |
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7500 |
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Smt. Sushma Bansal |
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8750 |
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Mr.Anand Gupta |
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6250 |
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Mr.Madan Lal |
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6250 |
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Smt.Jamuna Devi |
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5000 |
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Mr.Anup Goyal |
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5000 |
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Mr. Kapil Goyal |
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6250 |
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Smt. Prem Lata |
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3125 |
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Gaurav Agarwal Huf |
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100 |
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Total |
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397555 |
As On 29.09.2010
|
Category |
Percentage |
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Bodies corporate |
10.00 |
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Directors or relatives of Directors |
90.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Granite Slabs, Marbles, Tiles and
Monuments. |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers |
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No. of Employees : |
40 |
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Bankers : |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Pitaliya and Associates Chartered Accountants |
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Address : |
No. 9, II Floor, Sriram Mansion, Subramanya Temple Road, 4th
Main Road, Kumarapark (West), Bangalore – 560 020, Karnataka, India |
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Pan No. : |
ACAPP6574C |
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Memberships : |
Capexil |
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Associates/Subsidiaries : |
Prime Stones, Line of Business : Manufacturer and Exporter of Granite Slabs,
Marbles, Tiles and Monuments. |
CAPITAL STRUCTURE
AS ON 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
500000 |
Equity Shares |
Rs.10/- each |
Rs.5.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
397555 |
Equity Shares |
Rs.10/- each |
Rs.3.975
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
3.975 |
2.943 |
2.943 |
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2] Share Application Money |
0.000 |
2.250 |
2.000 |
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3] Reserves & Surplus |
7.390 |
1.331 |
1.185 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
11.365 |
6.524 |
6.128 |
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LOAN FUNDS |
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1] Secured Loans |
5.730 |
1.321 |
1.415 |
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2] Unsecured Loans |
11.570 |
11.348 |
8.554 |
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TOTAL BORROWING |
17.300 |
12.669 |
9.969 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.665 |
19.193 |
16.097 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
7.552 |
6.049 |
5.424 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.036 |
0.006 |
1.129 |
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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 |
5.928
|
6.724
|
7.635 |
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Sundry Debtors |
8.563
|
15.044
|
9.259 |
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Cash & Bank Balances |
0.087
|
0.545
|
1.677 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
20.468
|
10.167
|
6.689 |
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Total
Current Assets |
35.046
|
32.480
|
25.260 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
12.744
|
18.660
|
15.053 |
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Other Current Liabilities |
0.000
|
0.000
|
0.000 |
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Provisions |
1.225
|
0.682
|
0.663 |
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Total
Current Liabilities |
13.969
|
19.342
|
15.716 |
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Net Current Assets |
21.077
|
13.138
|
9.544 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
28.665 |
13.193 |
16.097 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Gross Income |
66.740 |
62.670 |
52.234 |
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TOTAL (A) |
66.740 |
62.670 |
52.234 |
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Less |
EXPENSES |
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TOTAL (B) |
64.173 |
61.617 |
52.937 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
2.567 |
1.053 |
(0.703) |
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Less |
FINANCIAL
EXPENSES (D) |
0.000 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
2.567 |
1.053 |
(0.703) |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.137 |
0.850 |
0.926 |
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PROFIT BEFORE
TAX (E-F) (G) |
1.430 |
0.202 |
(1.629) |
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Less |
TAX (I) |
0.468 |
0.057 |
0.000 |
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PROFIT AFTER TAX
(G-I) (J) |
0.962 |
0.145 |
(1.692) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.330 |
0.185 |
1.877 |
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BALANCE CARRIED
TO THE B/S |
1.292 |
0.330 |
0.185 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
34.807 |
43.216 |
NA |
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TOTAL EARNINGS |
34.807 |
43.216 |
NA |
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Earnings Per
Share (Rs.) |
2.42 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
1.44
|
0.24
|
(3.14) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.25
|
0.53
|
(5.31) |
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Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.03
|
(0.27) |
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Debt Equity Ratio (Total Liability/Networth) |
|
2.75
|
4.91
|
4.19 |
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Current Ratio (Current Asset/Current Liability) |
|
2.50
|
1.68
|
1.61 |
LOCAL AGENCY FURTHER INFORMATION
Notes:-
The Registered
Office of the company has been shifted from No. 98, 34th Main
Dollars Scheme, BTM 1st Stage, Bangalore – 560 068, Karnataka,
India to the present address w.e.f.
27.03.2006
OPERATIONS:
The directors have pleasure to report that during the period the
operations of the company were satisfactory.
Bankers Charges
Report as per Registry
|
This form is for |
Modification of
charge |
|
Corporate
identity number of the company |
U14102KA2000PTC026201 |
|
Name of the
company |
PAT INTERNATIONAL PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
No. 98, 34th
Main Dollars Scheme, BTM 1st Stage, |
|
Type of charge |
Immovable
Property Book Debts Stocks |
|
Particular of
charge holder |
State Bank of Patiala,
No. 1347, J. P. Nagar, South End Road, Jayanagar, Bangalore – 560 069, Karnataka, India Email: jsurya@vsnl.com |
|
Nature of
description of the instrument creating or modifying the charge |
Agreement Of Loan
Cum Hypothecation Letter
Confirmation For Extension Of Mortgage By Deposit Of Title Deeds Covering
Enhanced Limits (Both the
documents relate to the same modification) |
|
Date of
instrument Creating the charge |
24.03.2011 |
|
Amount secured by
the charge |
Rs.20.000
millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest WC : Interest @
2.00% above BPLR 12.25% w.e.f. Present effective rate 14.25% p.a. Terms of
Repayment Repayable on
demand Margin CC : 25% LC :
20% BG : 100% Extent and
Operation of the charge Charge extends by
way of first charge on all the assets throughout the period of sanctioned
limits. Others NIL |
|
Short particulars
of the property charged |
Hypothecation of
the whole of the present and future stocks of raw materials, such as raw
block of granites and finished granite slabs, finished goods, book debts,
receivables, outstandings
monies, bills, claims, etc belonging to the company EM on co's
immovable property comprising of Industrial land and building with plant and
machineries situated at No. 77B and 77C,
1st Phase, Jigani Industrial Area, |
FIXED ASSETS:
- Factory Buidling
- Computer
- Motor Bike
- Motor Car
- Plant and Machinery
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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.44.30 |
|
|
1 |
Rs.72.92 |
|
Euro |
1 |
Rs.64.69 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
29 |
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 |
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 |
|
- |
NB |
New Business
|
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.