MIRA
INFORM REPORT
|
Report Date : |
26.05.2011 |
Note:
The Registered Office of the company has been
shifted from B-305 Neelam Centre Hind Cycle Road, Worli, Mumbai -
400 030,
IDENTIFICATION DETAILS
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Name : |
SIGNET CHEMICAL CORPORATION PRIVATE LIMITED |
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Registered Office : |
A-801, Crescenzo, C-38/39, G-Block, Bandra Kurla Complex, Bandra
(East), Mumbai – 400051, |
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Country : |
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Financials (as on) : |
31.03.2010 |
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Date of Incorporation : |
01.05.2007 |
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Com. Reg. No.: |
11-170478 |
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Paid-up Capital : |
Rs. 17.500 Millions |
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CIN No.: [Company
Identification No.] |
u24100mh2007ptc170478 |
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Legal Form : |
Private Limited Liability Company
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Line of Business : |
Trader, Exporter and Importer of Chemicals |
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No. of Employees : |
80 (approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
A (58) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Maximum Credit Limit : |
USD 4600000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having fine track. The company is
doing well. General financial position is good. Trade relations are reported
as fair. Payments are reported to be correct and as per commitments. 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.
INFORMATION PARTED BY
|
Name : |
Ms. Neeta Gandhi |
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Designation : |
Account Manager |
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Contact No.: |
91-22-61462725 |
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Date : |
25.05.2011 |
LOCATIONS
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Registered Office : |
A-801, Crescenzo, C-38/39, G-Block, Bandra Kurla Complex, Bandra (East),
Mumbai – 400051, |
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Tel. No.: |
91-22-61462725 |
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Fax No.: |
91-22-61462725 |
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E-Mail : |
sales@signetchem.com hpshah@signetchem.com |
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Website : |
www.signetchem.com |
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Area : |
2000 sq.ft |
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Location : |
Owned |
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Warehouse : |
L-9, Shree Rajlaxmi Commercial Complex, |
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Tel. No.: |
91-2522-277366 |
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Fax No.: |
91-2522-277366 |
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Location : |
Rented |
DIRECTORS
As On 28.09.2010
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Name : |
Mr. Harish Pravinchandra Shah |
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Designation : |
Managing Director |
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Address : |
9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400057, |
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Date of Birth/Age : |
28.10.1956 |
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Date of Appointment : |
01.05.2007 |
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DIN No.: |
01282117 |
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Name : |
Mrs. Bina Harish Shah |
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Designation : |
Whole Time Director |
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Address : |
9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400057, |
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Date of Birth/Age : |
21.10.1959 |
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Date of Appointment : |
01.05.2007 |
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DIN No.: |
01282103 |
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Name : |
Mr. Pravinchand Dhirajlal Shah |
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Designation : |
Whole Time Director |
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Address : |
9, Retreat, Saraswat Colony, Santacruz (West), Mumbai – 400057, |
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Date of Birth/Age : |
18.08.1928 |
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Date of Appointment : |
01.05.2007 |
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DIN No.: |
01282843 |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As On 28.09.2010
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Names of Shareholders |
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No. of Shares |
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Harish Pravinchandra Shah |
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1000000 |
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Bina Harish Shah |
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650000 |
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Amira H Shah |
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25000 |
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Anushka H Shah Minor |
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25000 |
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Pravinchand Dhirajlal Shah |
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25000 |
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Nalini P Shah |
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25000 |
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Total
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1750000 |
As On 28.09.2010
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Category |
Percentage |
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Directors or relatives of Directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader, Exporter and Importer of Chemicals |
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Products : |
Generic Names of principal Products of Company
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Exports : |
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Products : |
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Countries : |
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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 : |
L/C, Cash, Credit: 30/60/90 days |
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Purchasing : |
L/C, Cash, Credit: 30/60/90 days |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
80 (approximately) |
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Bankers : |
· Kotak Mahindra Bank ·
State Bank of ·
Bank of |
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Facilities : |
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
Kiran Parikh and Company Chartered Accountant |
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Address : |
A-34, Navyug Niwas, 167, |
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Name : |
Ilesh Sanghani Chartered Accountant |
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Address : |
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Pan No.: |
AAGPS2730M |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
As on: 31.03.2010
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000000 |
Equity Shares |
Rs. 10/- each |
Rs. 50.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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1750000 |
Equity Shares |
Rs. 10/- each |
Rs. 17.500 millions |
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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 |
17.500 |
17.500 |
17.500 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1155.970 |
531.798 |
169.440 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
1173.470 |
549.298 |
186.940 |
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LOAN FUNDS |
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1] Secured Loans |
0.000 |
0.000 |
0.000 |
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2] Unsecured Loans |
502.037 |
420.687 |
501.669 |
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TOTAL BORROWING |
502.037 |
420.687 |
501.669 |
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DEFERRED TAX LIABILITIES |
0.017 |
0.066 |
0.222 |
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TOTAL |
1675.524 |
970.051 |
688.831 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
432.478 |
5.386 |
7.019 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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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 |
193.607
|
245.554
|
191.325 |
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Sundry Debtors |
1027.319
|
659.079
|
484.852 |
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Cash & Bank Balances |
38.031
|
47.602
|
28.881 |
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Other Current Assets |
169.183
|
121.267
|
38.330 |
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Loans & Advances |
3.634
|
1.123
|
1.669 |
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Total
Current Assets |
1431.774
|
1074.625
|
745.057 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Sundry Creditors |
138.938
|
77.046
|
48.966 |
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Other Current Liabilities |
11.299
|
6.322
|
4.582 |
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Provisions |
38.491
|
26.592
|
9.697 |
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Total
Current Liabilities |
188.728
|
109.960
|
63.245 |
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Net Current Assets |
1243.046
|
964.665
|
681.812 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
1675.523 |
970.051 |
688.831 |
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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 |
3428.371 |
2315.384 |
1142.052 |
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Other Income |
5.317 |
3.276 |
0.241 |
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TOTAL (A) |
3433.688 |
2318.660 |
1142.293 |
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Less |
EXPENSES |
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Cost of Sales |
2273.510 |
1554.016 |
773.354 |
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Personnel Expenses |
78.917 |
59.778 |
32.748 |
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Administrative Expenses |
75.267 |
86.349 |
46.316 |
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Preliminary Expenses |
0.000 |
0.000 |
0.386 |
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TOTAL (B) |
2427.694 |
1700.143 |
852.804 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
1005.994 |
618.517 |
289.489 |
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Less |
FINANCIAL
EXPENSES (D) |
44.411 |
53.697 |
26.326 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
961.583 |
564.820 |
263.163 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
1.995 |
1.943 |
1.307 |
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PROFIT BEFORE
TAX (E-F) (G) |
959.588 |
562.877 |
261.856 |
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Less |
TAX (I) |
330.297 |
196.426 |
89.754 |
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PROFIT AFTER TAX
(G-I) (J) |
629.291 |
366.451 |
172.102 |
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Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
531.797 |
169.441 |
0.000 |
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Less |
APPROPRIATIONS |
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Transfer to General Reserve |
100.000 |
0.000 |
0.000 |
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Proposed Dividend |
4.375 |
3.500 |
2.275 |
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Tax on Proposed Dividend |
0.744 |
0.595 |
0.386 |
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BALANCE CARRIED
TO THE B/S |
1055.969 |
531.797 |
169.441 |
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EARNINGS IN
FOREIGN CURRENCY |
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Export Earnings |
5.471 |
10.150 |
8.156 |
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Indenting Commission Recd. |
3.188 |
1.492 |
0.145 |
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TOTAL EARNINGS |
8.659 |
11.642 |
8.301 |
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IMPORTS |
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Raw Materials |
1754.333 |
1291.247 |
617.117 |
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TOTAL IMPORTS |
1754.333 |
1291.247 |
617.117 |
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Earnings Per
Share (Rs.) |
359.00 |
209.40 |
98.34 |
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Particulars |
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31.03.2011 |
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Sales Turnover |
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4000.000 |
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Expected Sales (2011-12) : Rs. 5000.000 Millions
The above information has been parted by Ms. Neeta Gandhi
KEY RATIOS
|
PARTICULARS |
|
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
PAT / Total Income |
(%) |
18.33 |
15.80 |
15.06 |
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Net Profit Margin (PBT/Sales) |
(%) |
27.99 |
24.31 |
22.93 |
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Return on Total Assets (PBT/Total Assets) |
(%) |
51.47 |
52.11 |
34.82 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.82 |
1.02 |
1.40 |
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Debt Equity Ratio (Total Liability/Networth) |
|
0.59 |
0.97 |
3.02 |
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Current Ratio (Current Asset/Current Liability) |
|
7.59 |
9.78 |
11.78 |
LOCAL AGENCY FURTHER INFORMATION
sundry creditors details:
Rs. In millions
|
Particulars |
31.03.2010 |
31.03.2009 |
31.03.2008 |
|
Sundry Creditors |
138.938
|
77.046
|
48.966 |
fixed assets:
· Furniture and Fixtures
· Office Equipment and Appliance
· Motor Car
· Computers and Software
· Office Premises
Trade References:
- FMC Biopolymer
- Kronos
- Nova Matrix
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.45.38 |
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|
1 |
Rs.73.31 |
|
Euro |
1 |
Rs.63.70 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
7 |
|
FINANCIAL CONDITION |
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|
--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
YES |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
58 |
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.