MIRA
INFORM REPORT
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Report Date : |
10.01.2011 |
IDENTIFICATION DETAILS
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Name : |
CAPITOL FIBRES PRIVATE LIMITED |
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Formerly Known
As : |
CAPITOL FIBRES LIMITED |
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Registered
Office : |
Plot No.C-30, Road No.16, Wagle Industrial Estate, Thane – 400604, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
04.09.1995 |
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Com. Reg. No.: |
11-92324 |
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CIN No.: [Company Identification
No.] |
U17120MH1995PTC092324 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMC14741G |
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PAN No.: [Permanent Account No.] |
AAACC6928J |
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Legal Form : |
Private Limited Liability Company. |
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Line of Business
: |
Manufacturer of all kind of Man-Made Fibres, Man-Made Fibre-Yarns and
Man-Made Fibre Cords. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca (15) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
Moderate |
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Payment Behaviour : |
Slow |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company is under severe pressure. There appears huge accumulated
losses recorded by the company. However trade relations are reported as fair.
Business is active. Payments are reported to be slow. The company can be considered for business dealings on a secured 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 |
LOCATIONS
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Registered Office/ Factory 1 : |
Plot No.C-30, Road No.16, Wagle Industrial Estate, Thane – 400604, |
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Tel. No.: |
91-22-55994686/ 87/ 25822070/ 25822070/ 25822195 |
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Fax No.: |
91-22-25823521 |
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E-Mail : |
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Website : |
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Factory 2 : |
Survey No. 554, Village Gonde, |
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Email : |
DIRECTORS
(AS ON 30.09.2009)
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Name : |
Mr. Kewalramani Kumar Dharmadas |
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Designation : |
Managing Director |
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Address : |
505, |
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Date of Birth/Age : |
19.07.1945 |
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Date of Appointment : |
04.09.1995 |
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Name : |
Mr. Prem Dharmadas Kewalramani |
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Designation : |
Director |
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Address : |
405, |
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Date of Birth/Age : |
01.08.1946 |
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Date of Appointment : |
04.09.1995 |
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Name : |
Mr. Chander Dharmadas Kewalramani |
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Designation : |
Director |
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Address : |
Plot No.259, Mahatma Nagar, |
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Date of Birth/Age : |
08.06.1942 |
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Date of Appointment : |
04.09.1995 |
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Name : |
Mr. Roshan Kewalramani |
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Designation : |
Director |
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Address : |
505, |
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Date of Birth/Age : |
15.07.1974 |
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Date of Appointment : |
15.01.2007 |
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Directorship in
other companies : |
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CIN of Company : |
U28900Mh1987PTC045142 |
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Name of Company
: |
Capitol Machine Tools Private Limited |
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Designation : |
Director |
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Name : |
Mr. Dinesh Kumar Kewalramani |
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Designation : |
Director |
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Address : |
505, |
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Date of Birth/Age : |
23.05.1973 |
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Date of Appointment : |
15.01.2007 |
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Name : |
Mrs. Kamal Kewalramani |
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Designation : |
Director |
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Address : |
Flat No. 1006, 10th Floor, Plesant Park Tower, Off
Balarajeshwar Road, Yogi Hills, Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
25.05.1963 |
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Date of Appointment : |
15.01.2007 |
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Name : |
Mr. Govind Lakshman Kewalramani |
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Designation : |
Director |
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Address : |
B-702, Vishwamitra, Saptarishi Park, Off Balrajeshwar Road, Mulund
West, Mumbai – 400080, Maharashtra, India |
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Date of Birth/Age : |
18.07.1961 |
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Date of Appointment : |
15.01.2007 |
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Name : |
Mr. Pawan Kumar Kewalramani |
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Designation : |
Director |
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Address : |
505, |
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Date of Birth/Age : |
07.06.1976 |
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Date of Appointment : |
15.01.2007 |
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Directorship in
other companies : |
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CIN of Company : |
U28900Mh1987PTC045142 |
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Name of Company
: |
Capitol Machine Tools Private Limited |
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Designation : |
Director |
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Name : |
Mr. Suresh Dharmadas Kewalramani |
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Designation : |
Director |
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Address : |
305, |
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Date of Birth/Age : |
24.12.1980 |
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Date of Appointment : |
15.01.2007 |
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Other Directorship
Companies : |
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Name : |
Capitol Machine Tools Private Limited |
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Designation : |
Director |
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CIN of Company : |
U28900MH1987PTC045142 |
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Name : |
Mr. Hemant Suresh Kewalramani |
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Designation : |
Director |
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Address : |
305, |
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Date of Birth/Age : |
24.12.1980 |
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Date of Appointment : |
15.01.2007 |
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Name : |
Mr. Shailesh Kumar Kewalramani |
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Designation : |
Director |
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Address : |
505, |
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Date of Birth/Age : |
16.11.1977 |
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Date of Appointment : |
15.04.2010 |
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Email : |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2009)
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Names of Shareholders |
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No. of Shares |
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Dinesh Kumar Kewalramani |
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100 |
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Kewalramani Kumar Dharmadas |
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49400 |
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Prem Dharmadas Kewalramani |
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100 |
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Chander Dharmadas Kewalramani |
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100 |
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Laxman Dharmadas Kewalramani |
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100 |
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Parvati Kumar Kewalramani |
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100 |
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Govind Lakshman Kewalramani |
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100 |
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Total |
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50000 |
(AS ON 30.09.2009)
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Category |
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Percentage |
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Directors or relatives of directors |
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100.00 |
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Total
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10.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of all kind of Man-Made Fibres, Man-Made Fibre-Yarns and
Man-Made Fibre Cords. |
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Products : |
· Regenerated P S F · Polyster Staple Fibre |
GENERAL INFORMATION
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Bankers : |
§
Thane
Janata Sahakari Bank Limited, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S. V. Gogate and Associates Chartered Accountant |
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Address : |
102, Mayurpankh, |
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Tel. No.: |
91-22-25431037/ 25394053 |
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Email : |
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Associates/Subsidiaries : |
Capitol Machine Tools Private Limited |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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7500000 |
Equity Share |
Rs.10/- each |
Rs.75.000 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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50000 |
Equity Share |
Rs.10/- each |
Rs.0.500
Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
0.500 |
0.500 |
0.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
(6.737) |
(7.501) |
(5.252) |
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NETWORTH |
(6.237) |
(7.001) |
(4.752) |
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LOAN FUNDS |
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1] Secured Loans |
67.089 |
74.018 |
75.590 |
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2] Unsecured Loans |
8.048 |
8.698 |
8.448 |
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TOTAL BORROWING |
75.137 |
82.716 |
84.038 |
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DEFERRED TAX LIABILITIES |
4.886 |
3.631 |
1.826 |
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Advance against Promoter’s Equity Participation |
3.607 |
3.607 |
3.607 |
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TOTAL |
77.393 |
82.953 |
84.719 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
67.332 |
65.326 |
62.470 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.122 |
0.099 |
0.099 |
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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 |
7.567
|
10.155 |
11.469
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Sundry Debtors |
6.741
|
9.321 |
8.653
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Cash & Bank Balances |
2.378
|
0.034 |
0.113
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Other Current Assets |
0.773
|
0.797 |
6.604
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Loans & Advances |
0.422
|
1.155 |
0.365
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Total
Current Assets |
17.881
|
21.462 |
27.204 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
7.095
|
3.984 |
6.050
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Other Current Liabilities |
0.765
|
0.882 |
0.248
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Provisions |
0.082
|
0.050 |
0.066 |
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Total
Current Liabilities |
7.942
|
4.916 |
6.364 |
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Net Current Assets |
9.939
|
16.546 |
20.840 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.982 |
1.310 |
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TOTAL |
77.393 |
82.953 |
84.719 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
31.03.2010 |
31.03.2009 |
31.03.2008 |
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SALES |
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Income |
152.159 |
123.188 |
38.399 |
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Other Income |
NA |
NA |
NA |
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TOTAL |
NA |
NA |
NA |
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Less |
EXPENSES |
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TOTAL EXPENSES |
NA |
NA |
NA |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION |
5.262 |
2.611 |
(1.630) |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
3.171 |
3.015 |
1.730 |
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PROFIT BEFORE
TAX |
2.091 |
(0.404) |
(3.360) |
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Less |
TAX |
1.327 |
1.845 |
1.892 |
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PROFIT AFTER TAX |
0.764 |
(2.249) |
(5.252) |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
(7.501) |
(5.252) |
0.000 |
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BALANCE CARRIED
TO THE B/S |
(6.737) |
(7.501) |
(5.252) |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
NIL |
41.827 |
NIL |
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TOTAL EARNINGS |
NIL |
41.827 |
NIL |
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IMPORTS |
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Capital Goods |
2.142 |
0.919 |
3.297 |
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TOTAL IMPORTS |
2.142 |
0.919 |
3.297 |
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Earnings Per
Share (Rs.) |
15 |
-- |
-- |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Net Profit Margin (PBT/Sales) |
(%) |
1.37
|
(0.33) |
(8.75) |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.45
|
(0.47) |
(3.75) |
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Return on Investment (ROI) (PBT/Networth) |
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(0.34)
|
0.06 |
0.70 |
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Debt Equity Ratio (Total Liability/Networth) |
|
(13.32)
|
(12.52) |
(19.02) |
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Current Ratio (Current Asset/Current Liability) |
|
2.25
|
4.37 |
4.27 |
LOCAL AGENCY FURTHER INFORMATION
PERFORMANCE
The Sales during the year are Rs.152.159 Millions as against Rs.123.188 Millions in the last
year. The Company during the year incurred profit after tax of Rs.0.764 Million
as against the loss of Rs.2.249 Millions in the previous year.
CONTINGENT
LIABILITIES:
Company was collecting excise duty at 8 % till 02.1 1.2009,
while clearing the finished goods from the factory. However, w.e.f. 03.1
1.2009, Company has classified its finished product under a different
sub-heading for which the excise duty is 'Nil'. Excise department had initiated
enquiry under Central Excise Act, 1944 in connection with the classification
made by the Company. Company's classification is not accepted by the Excise
authorities. The Company along with other Companies has filed appeal in Hon.
High Court,
Form 8:
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This form is for |
Modification of
Charge |
|
Charge identity number
of the charge to be modified |
10125653 |
|
Corporate
identity number of the company |
U17120MH1995PTC092324 |
|
Name of the
company |
Capitol Fibres
Private Limited |
|
Address of the
registered office or of the principal place of business in |
Plot No.C-30, Road No.16, Wagle Industrial Estate, Thane – 400604, |
|
Type of charge |
· Immovable property · Book Debts · Movable Property (not being Pledge) · Others – Stocks |
|
Particular of
charge holder |
The Thane Janata
Sahakari Bank Limited, E-mail: tjsb@bom5.vsnl.net.in |
|
Nature of
instrument creating charge |
Deed of Mortgage |
|
Date of
instrument Creating the charge |
22.05.2009 |
|
Amount secured by
the charge |
Rs.25.000
millions |
|
Brief of the
principal terms an conditions and extent and operation of the charge |
Rate of Interest: @ 10.75% p.a (at
monthly Rest), i.e. 3.25% p.a below PLr Terms of
Repayments: Same as per Terms
and conditions of Original Agreement Margin: As per Banks Rule
Extent and
Operation of Charge Rs.25.000
Millions |
|
Short particulars
of the property charged (Including location of the property) |
In addition to
the security charged by original agreement, additional security is provided
by mortgage of all that piece and parcel of land bearing gut no. 554,
admeasuring on or about 0.96 hector arr., situated at Village Gonde Dumala,
Tal Igatpuri, Dist Nashik, within the local limits of Grampanchayat Gonde
Dumala and within the registration District Nashil along with the structure
constructed or to be constructed on the Land Admeasuring on or about 9600 sq.
ft. |
Fixed Assets:-
·
· Building
· Furniture and Fixtures
· Plant and machinery
· Electrical installation
· weighing Scale
· Office equipments
· computer
· Vehicles
WEBSITE DETAILS:
PROFILE:
Subject is a Mumbai based company and they present ourselves
as the manufactures of “Regenerated Polyester staple Fibre” (RPSF), in
They are currently manufacturing varied sorts of fibres such as 1.5D Solid Fibre,1.8D
Solid Fibre, 2D Solid Fibre, 3 D Solid Fibre, 6D Solid Fibre, 15D Solid Fibre
and also 6D / 7D Hollow Conjugate Siliconised / Non-Siliconised Fibre, 6D
/ 7D Hollow Crimped Siliconised / Non-Siliconised Fibre, 12D / 15D Hollow
Conjugate Siliconised / Non-Siliconised Fibre, 12D / 15D Hollow Crimped
Siliconised / Non-Siliconised Fibre. They also offer “Dope Dyed Fibre” in
various shades if there are any specific requirements from our clients. They
have an annual turn over of around $5 million.
They have a large list of domestic as well as foreign buyers from North
America, South America, Eastern Europe, Southeast Asia, Africa, Oceania, Middle
East, Eastern Asia and
At Capitol Fibres they have a dedicated and accomplished team of professionals
who look after the various technical aspects of their company and a devoted and
enthusiastic marketing team who service all the requirements from their
clients.
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.45.37 |
|
|
1 |
Rs.70.04 |
|
sEuro |
1 |
Rs.58.98 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
2 |
|
OPERATING SCALE |
1~10 |
2 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
1 |
|
--PROFITABILIRY |
1~10 |
1 |
|
--LIQUIDITY |
1~10 |
1 |
|
--LEVERAGE |
1~10 |
1 |
|
--RESERVES |
1~10 |
1 |
|
--CREDIT LINES |
1~10 |
1 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
15 |
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.