MIRA
INFORM REPORT
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Report Date : |
11.05.2011 |
IDENTIFICATION DETAILS
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Name : |
SHREEJI WOODCRAFT PRIVATE LIMITED |
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Registered
Office : |
402, Akruti Orion, |
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Country : |
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Financials (as
on) : |
31.03.2010 |
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Date of
Incorporation : |
22.10.2007 |
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Paid-up Capital
: |
Rs. 5.000 Millions |
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Com. Reg. No.: |
11-175260 |
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CIN No.: [Company Identification
No.] |
U36102MH2007PTC175260 |
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IEC No.: |
0309061300 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
MUMS57520B |
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PAN No.: [Permanent Account No.] |
AALC53011M |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufactures and Importer of Superior Quality Wood based Products |
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No. of Employees
: |
100 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
B (27) |
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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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Status : |
Recently Commenced |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Though the company was incorporated in the year 2007, the company has
started its commercial activities recently in the financial year 2010-11. The
company achieve sizable turnover in its very first year of operation.
Business is active. Payments terms are unknown. Initially, 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.
INFORMATION PARTED BY
|
Name : |
Mr. Narendra A. Bangera |
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Designation : |
Accounts Manager |
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Contact No.: |
91-9322588306 |
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Date : |
09.05.2011 |
LOCATIONS
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Registered Office : |
402, Akruti Orion, |
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Tel. No.: |
91-22-26121431/ 26121432/ 28488430 |
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Fax No.: |
91-22-26121433 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.ft |
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Location : |
Owned |
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Corporate Office/ Showroom : |
K/2, National Mill Compound, Near Petrol Pump, Dahisar (East), Mumbai
– 400068, |
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Tel. No.: |
91-22-28489066/ 28488430/ 28489077 |
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Fax No.: |
91-22-28488465 |
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E-Mail : |
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Location : |
Owned |
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Factory : |
Survey No. 215/2, |
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Tel No.: |
91-260-2993571 |
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Fax No.: |
91-260-2993004 |
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Location : |
Owned |
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Branch Office : |
Plot No.11 and 16, survey No.59, Meghpar Borichi, Tal-Anjar, Kutch, Gujarat
– 370110, |
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Tel No.: |
91-2836-329011 |
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Fax No.: |
91-2836-295277 |
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Location : |
Owned |
DIRECTORS
As On 30.09.2010
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Name : |
Mr. Vipul Sharad Parekh |
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Designation : |
Director |
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Address : |
C-209, |
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Date of Birth/Age : |
27.04.1971 |
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Qualification : |
B.Com |
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Date of Appointment : |
22.10.2007 |
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E-Mail : |
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PAN No.: |
AABPP0090Q |
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Name : |
Mr. Sharadkumar Ratilal Parekh |
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Designation : |
Director |
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Address : |
C-209, Parichay Co-Operative Housing Society Limited, |
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Date of Birth/Age : |
20.01.1942 |
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Qualification : |
S.S.C. |
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Date of Appointment : |
22.10.2007 |
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PAN No.: |
AHHPP4517B |
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Name : |
Mr. Nilesh Sharadkumar Parekh |
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Designation : |
Director |
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Address : |
C-209, |
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Date of Birth/Age : |
02.04.1969 |
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Qualification : |
B.Com |
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Date of Appointment : |
22.10.2007 |
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PAN No.: |
AGHPP5640G |
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Name : |
Mr. Shashikant Mohanlal Mer |
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Designation : |
Director |
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Address : |
Flat No.2, Manglam Co-Operative Housing Society Limited, Daulta Nagar,
Borivali (East), Mumbai – 400 066, |
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Date of Birth/Age : |
05.08.1955 |
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Qualification : |
B.Com |
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Date of Appointment : |
22.10.2007 |
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PAN No.: |
AABPM1488M |
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Name : |
Mr. Chirag Sharadkumar Parekh |
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Designation : |
Director |
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Address : |
C-209, |
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Date of Birth/Age : |
04.07.1972 |
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Qualification : |
B.Com |
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Date of Appointment : |
22.10.2007 |
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PAN No.: |
AAAPP8224F |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2010)
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Names of Shareholders |
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No. of Shares |
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Sharadkumar Ratilal Parekh |
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110250 |
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Vipul Sharadkumar Parekh |
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110250 |
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Chirag Sharadkumar Parekh |
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110250 |
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Nilesh Sharadkumar Parekh |
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110250 |
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Shashikant Mohanlal Mer |
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49000 |
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Reena V Parekh |
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2250 |
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Sneha Parekh |
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2250 |
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Hansa Parekh |
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2250 |
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Hemal Parekh |
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2250 |
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Nita Mer |
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500 |
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Mehul Mer |
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500 |
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Total |
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500000 |
(AS ON 30.09.2010)
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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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100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufactures and Importer of Superior Quality Wood based Products |
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Products : |
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Brand Names : |
“Shreeji“ |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit : 30 Days |
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Purchasing : |
Cash, Credit : 30 Days |
PRODUCTION STATUS (As on 31.03.2010)
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Particulars |
Installed Capacity |
Actual Production |
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Doors |
450 doors per
day |
200 doors per
day |
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GENERAL INFORMATION
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Suppliers : |
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Customers : |
·
End Users and OEM’s
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No. of Employees : |
100 (approximately) |
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Bankers : |
·
Corporation Bank, Lakshmi Apartments, Shubham
Karoti Housing Complex, Anand Nagar, Dahisar (East), Mumbai, |
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Facilities : |
Term Loan: Rs. 70.000 Millions
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
N K Sheth and Company Chartered Accountants |
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Office Address : |
4, |
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Tel. No.: |
91-22-26166512 / 26115777 |
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Tele Fax No.: |
91-22-26166447 |
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E-Mail : |
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Associates/Subsidiaries : |
·
Address
:
K-2, National Mill Compound, Line
of Business : Manufacturer of Door Frame and Wood Articles Bankers
: Corporation Bank ·
Zyrex Enterprises Address
:
K-2, National Mill Compound, Line
of Business : Manufacturer of Wooden Flooring, Badminton Coat, Squash Cost Bankers
: Corporation Bank ·
Shreeji Doors and Plywood Industries Address
: Line
of Business : Doors and Door Frame Bankers
: Bank of ·
Siddharth Industries Address
: Line
of Business : F. R. D. Doors Bankers
: Bank of ·
Shree Wood Industries Address
: Flat No. 02, Mangalam Co-Operative Housing Society Limited, Line
of Business : Door Frame |
CAPITAL STRUCTURE
As On 31.03.2010
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
RS.10/- each |
Rs.5.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
500000 |
Equity Shares |
RS.10/- each |
Rs.5.000 millions |
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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 |
5.000 |
0.100 |
0.100 |
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2] Share Application Money |
0.000 |
1.600 |
0.100 |
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3] Reserves & Surplus |
0.000 |
0.000 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
5.000 |
1.700 |
0.200 |
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LOAN FUNDS |
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1] Secured Loans |
21.036 |
0.000 |
0.000 |
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2] Unsecured Loans |
16.782 |
6.000 |
4.940 |
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TOTAL BORROWING |
37.818 |
6.000 |
4.940 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
42.818 |
7.700 |
5.140 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
6.539 |
4.694 |
4.559 |
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Capital work-in-progress |
35.806 |
2.566 |
0.016 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
0.000
|
0.000 |
0.000 |
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Sundry Debtors |
0.000
|
0.000 |
0.000 |
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Cash & Bank Balances |
1.589
|
0.275 |
0.451 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
0.543
|
0.231 |
0.110 |
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Total
Current Assets |
2.132
|
0.506 |
0.561 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditor |
1.665
|
0.172 |
0.000 |
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Other Current Liabilities |
0.000
|
0.000 |
0.010 |
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Provisions |
0.137
|
0.037 |
0.010 |
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Total
Current Liabilities |
1.802
|
0.209 |
0.020 |
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Net Current Assets |
0.330
|
0.297 |
0.541 |
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MISCELLANEOUS EXPENSES |
0.143 |
0.143 |
0.024 |
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TOTAL |
42.818 |
7.700 |
5.140 |
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Particulars |
|
|
31.03.2011 |
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Sales Turnover |
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|
80.000 |
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Expected Sales (2011-12) : Rs. 100.000 Millions
The above information has been parted by Mr. Narendra Bangera
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Debt Equity Ratio (Total Liability/Networth) |
|
7.66
|
3.65 |
24.80 |
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Current Ratio (Current Asset/Current Liability) |
|
8.40
|
2.41 |
28.05 |
LOCAL AGENCY FURTHER INFORMATION
The
details of sundry creditors
Rs. In Millions
|
Particulars
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
|
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Due to small, medium and micro enterprises
|
0.000 |
0.000 |
0.000 |
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Others |
1.666 |
0.173 |
0.000 |
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Total
|
1.666 |
0.173 |
0.000 |
FINANCIAL
RESULTS:
The company has not commenced commercial operations during the year
under consideration.
FORM
8
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U36102MH2007PTC175260 |
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Name of the
company |
Shreeji Woodcraft
Private Limited |
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Address of the
registered office or of the principal place of business in |
402, Akruti Orion
, |
|
Type of charge |
Book Debts Immovable property Movable property (not being pledge) Others- Common Deed o Hypothecation and Deposit of Title Deed |
|
Particular of
charge holder |
Corporation Bank Lakshmi
Apartment, Shubham Karoti HSG Complex, Anand Nagar, Dahisar (East), Mumbai –
400068, |
|
Nature of
description of the instrument creating or modifying the charge |
Common Deed of
Hypothecation of Movable / Assets/ Debts and Memorandum of Deposit of Title
Deeds. |
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Date of
instrument Creating the charge |
22.04.2009 |
|
Amount secured by
the charge |
Rs.71.500
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest Rate of Interests
@ 13.25% Terms of
Repayment For Term Loan of.
42.200 Millions - Not to exceed 95 months including initial moratorium of 11
months, in 84, monthly installments of Rs.0.502 Million For Term Loan of
Rs.29.300 Millions - Not to exceed 87 months including initial moratorium of
3 months, in 84, monthly installments of Rs.0.349 Million Margin For Term Loan of
Rs.42.200 Millions- 36.45% For Term Loan of
Rs.29.300 Millions- 31.86% Extent and
Operation of the charge NA |
|
Short particulars
of the property charged |
Hypothecation of
Plant and Machinery, Book Debts, Stocks and Other Moveable Asset Present and
Future and EMG of |
FIXED
ASSETS:
· Land
· Office Equipments
· Furniture and Fixture
WEB
DETAILS
PROFILE
Subject, an ISO 9001:2000 certified company is one of the
manufactures of superior quality wood based products, comprising of exclusively
finished Door Frames, highly modern Designer Doors and Solid Wood Flooring.
Setting up a new benchmark in the industry, the products have enhanced the
aesthetics of interior designing. Wooden Frames, Doors and Flooring are most
common in antiquity and also today’s preferred choice.
They have developed the core competence in the manufacturing
of high quality Decorative Doors, Frames and Flooring. The products are
manufactured from different variety of quality wood, which is chemically treated
and kiln seasoned as per relevant Indian standard with a state-of-art
technology, skilled manpower and well developed infrastructure. The products
have reached the best standard in industry, providing value and satisfaction to
the customers since last Twenty Years.
Having a vast industrial experience, they have maintained
the winning stride in the competition by continually upgrading the technology,
addressing the needs and wants of the clients from time to time. The motto is
to offer products that are of High Quality and Durable to maximize the client’s
satisfaction.
Subject an organisation with two decades of experience in
timber engineering and technology. An organisation that has always endeavoured
to make wood based products work. Constantly upgrading technology and
introducing new and better methods in production to ensure a quality which has
come to be known as “Shreeji Quality”. Equipped with modern, sophisticated
machinery and full-fledged R and D Unit, Subject has driven the production standards
to impressive levels, always making sure that get more value for the money.
A door shutter is an important building element that must
possess qualities like strength, rigidity, resistance, dimensionally stable,
heat insulating and durable against cyclic changes in weather, high moisture
conditions, rot and other wood destroying insects. Subject manufacturers flush
doors that have high standard of elegance, matching with the aesthetics of the
building exteriors and interiors.
High quality wooden flush doors are therefore in great
demand from discerning architects, builders and contractors. Subject Flush
doors have solid blockboard core with cross band and face veneers which are
bonded with the Hot Press process by using Urea Formaldehyde Resin with REBA
for Boiling Water Resistant (B.W.R. Grade) and Phenol formaldehyde Resin for
100% Boiling water Proof (B.W.P. Grade)
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 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.44.73 |
|
|
1 |
Rs.73.20 |
|
Euro |
1 |
Rs.63.90 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
2 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
2 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
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|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
27 |
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 |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.