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MIRA
INFORM REPORT
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Report Date : |
05.01.2011 |
IDENTIFICATION DETAILS
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Name : |
TRELLEBORG SEALING SOLUTIONS [ |
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Formerly Known As : |
BUSAK AND SHAMBAN SEALS (INDIA) PRIVATE LIMITED |
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Registered Office : |
No. 27, 32nd Cross, 7th Block, Jayanagar, Bangalore – 56007, Karnataka |
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Country : |
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Financials (as on) : |
31.12.2009 |
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Date of Incorporation : |
19.05.1997 |
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Com. Reg. No.: |
08-022248 |
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CIN No.: [Company
Identification No.] |
U85110KA1997PTC022248 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRB01159E |
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PAN No.: [Permanent
Account No.] |
AABCB2089G |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers
of Sealing Solutions. |
RATING & COMMENTS
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MIRA’s Rating : |
B (45) |
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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 2036816 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade
relations are reported as fair. Business is active. Payments are reported to
be usually correct. The company can be considered normal for business dealings at usual
trade terms and conditions. |
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
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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. Rajesh |
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Designation : |
Accounts |
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Date : |
04.01.2011 |
LOCATIONS
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Registered Office : |
N. 27, 32nd Cross, 7th Block, Jayanagar, Bangalore – 56007, Karnataka, India |
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Tel. No.: |
91-80-22455157 / 25188700 |
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Fax No.: |
91-80-22455153 |
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E-Mail : |
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Website : |
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Factory : |
19/1, Kalena Agrahara,
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Tel. No.: |
91-80-26584616 |
DIRECTORS
As On 29.04.2010
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Name : |
Mr. Bony Paul |
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Designation : |
Director |
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Address : |
14, 6th Main, Subash, Chandra Bose Road, Naryanpa
Block, R. T. Nagar, Bangalore – 560032, Karnataka,
India |
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Date of Birth/Age : |
07.05.1964 |
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Date of Appointment : |
16.05.2005 |
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Name : |
Mr. Lee Weng
Chong |
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Designation : |
Director |
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Address : |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
11.03.2005 |
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Name : |
Mr. Lee Siew Foong |
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Designation : |
Director |
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Address : |
590, |
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Date of Birth/Age : |
16.06.1957 |
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Date of Appointment : |
19.11.2007 |
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Name : |
Mr. Michael Troensegaard Andersen |
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Designation : |
Director |
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Address : |
Hejreskov Alle 20, Humlebaek, DK3050, denmark |
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Date of Birth/Age : |
27.03.1961 |
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Date of Appointment : |
10.04.2008 |
KEY EXECUTIVES
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Name : |
Mr. Rajesh |
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Designation : |
Accounts |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.04.2010
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Names of Shareholders |
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No. of Shares |
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Trelleborg Holding AB, Sweden |
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4000 |
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Trelleborg Sealing Solutions Inc, USA |
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15999 |
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Total |
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19999 |
As On 29.04.2010
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Category |
Percentage |
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Foreign holdings( Foreign institutional investor(s),
Foreign companie(s) Foreign financial
institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturers
of Sealing Solutions. |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
Cash, Credit |
PRODUCTION STATUS As on 31.12.2009
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
|
Seals |
Nos. |
Not applicable |
Not
Ascertainable |
9,889,313 |
GENERAL INFORMATION
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No. of Employees : |
200 (In Office 40 , In Factory 160) |
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Bankers : |
HSBC Bank, MG Road Branch, Bangalore |
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Facilities : |
*Against corporate gurantee given by the
holding company. |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Price Waterhouse And Co Chartered Accountant |
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Address : |
1 Mittal Tower, 10th Floor, C
Wing, 47/6, M G Road, Bangalore-560001, Karnataka, India |
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Holding Company : |
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Ultimate Holding
Company: |
Trelleborg Sealing Solutions, Sweden |
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Fellow Subsidiaries : |
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CAPITAL STRUCTURE
AS ON 31.12.2009
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
|
20000 |
Equity Shares |
Rs.1000/- each |
Rs.20.000Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
19999 |
Equity Shares |
Rs.1000/-
each |
Rs.19.999Millions |
Note : of the above shares 15999 shares are held by Trellborg Sealing Solutions US, Inc., the Holding Company
and 4000 Shares are held by Trelleborg Hoding AB,
FINANCIAL DATA
[all figures are in
Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
19.999 |
19.999 |
19.999 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
489.205 |
281.313 |
147.610 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
509.204 |
301.312 |
167.609 |
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LOAN FUNDS |
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1] Secured Loans |
0.061 |
0.196 |
0.804 |
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2] Unsecured Loans |
1.500 |
57.247 |
166.070 |
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TOTAL BORROWING |
1.561 |
57.443 |
166.874 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
510.765 |
358.755 |
334.483 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
95.077 |
133.796 |
137.510 |
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Capital work-in-progress |
0.000 |
0.725 |
0.576 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
1.290 |
0.529 |
8.994 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
53.167
|
81.160 |
81.967 |
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Sundry Debtors |
164.684
|
117.463 |
151.465 |
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Cash & Bank Balances |
267.937
|
75.727 |
22.169 |
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Other Current Assets |
14.038
|
8.657 |
4.312 |
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Loans & Advances |
12.395
|
3.632 |
4.794 |
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Total
Current Assets |
512.221
|
286.639 |
264.707 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
65.289
|
34.034 |
48.267 |
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Other Current Liabilities |
13.993
|
4.879 |
10.143 |
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Provisions |
18.541
|
24.021 |
18.894 |
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Total
Current Liabilities |
97.823
|
62.934 |
77.304 |
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Net Current Assets |
414.398
|
223.705 |
187.403 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
510.765 |
358.755 |
334.483 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.12.2009 |
31.12.2008 |
31.12.2007 |
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SALES |
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Turnover |
706.245 |
596.535 |
496.820 |
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Other Income |
0.000 |
0.000 |
0.000 |
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TOTAL (A) |
706.245 |
596.535 |
496.820 |
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Less |
EXPENSES |
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Other Expenses |
373.585 |
338.755 |
348.790 |
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TOTAL (B) |
373.585 |
338.755 |
348.790 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
332.660 |
257.780 |
148.030 |
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Less |
FINANCIAL
EXPENSES (D) |
0.830 |
14.210 |
14.610 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
331.830 |
243.570 |
133.420 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
49.500 |
45.690 |
40.350 |
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PROFIT BEFORE
TAX (E-F) (G) |
282.330 |
197.880 |
93.070 |
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Less |
TAX (I) |
74.440 |
64.180 |
43.130 |
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PROFIT AFTER TAX
(G-I) (J) |
207.890 |
133.700 |
49.940 |
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BALANCE CARRIED
TO THE B/S |
207.890 |
133.700 |
49.940 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
239.160 |
177.121 |
78.977 |
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TOTAL EARNINGS |
239.160 |
177.121 |
78.977 |
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IMPORTS |
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Raw Materials |
88.299 |
45.359 |
87.936 |
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Trade Goods |
132.730 |
173.370 |
115.803 |
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Capital Goods |
5.580 |
42.126 |
25.059 |
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TOTAL IMPORTS |
226.609 |
260.855 |
228.798 |
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Earnings Per
Share (Rs.) |
10395.01 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.12.2009 |
31.12.2008 |
31.12.2007 |
|
PAT / Total Income |
(%) |
29.43
|
22.41 |
10.05 |
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Net Profit Margin (PBT/Sales) |
(%) |
39.97
|
33.17 |
18.73 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
46.49
|
47.06 |
23.13 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
0.65 |
0.55 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.19
|
0.39 |
1.45 |
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Current Ratio (Current Asset/Current Liability) |
|
5.23
|
4.55 |
3.42 |
LOCAL AGENCY FURTHER INFORMATION
Sundry Creditors
Details
(Rs. In Millions)
|
Particulars |
31.12.2009
|
31.12.2008 |
31.12.2007 |
|
Dues to Micro Enterprises And Small Enterprises |
1.817
|
1.093 |
0.819 |
|
Others |
62.219
|
31.973 |
47.448 |
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Advance from Customers |
1.253
|
0.968 |
0.000 |
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|
65.289
|
34.034 |
48.267 |
FIXED ASSETS
- Leasehold
Improvements
- Plant and
Machinery
- Computers
- Office
Equipment
- Furniture and
Fixtures
- Vehicles
- Finance Lease
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.44.64 |
|
|
1 |
Rs.69.32 |
|
Euro |
1 |
Rs.59.79 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
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|
--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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 |
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.