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Report Date : |
19.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHAVO TECHNOLOGIES PRIVATE LIMITED |
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Formerly Known
As : |
AWARD TRADING PRIVATE LIMITED |
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Registered
Office : |
Tower No.5, 2nd Floor, Office No.2, World Trade Centre
Arcade, Cuffe Parade, Mumbai – 400005, |
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Country : |
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Financials (as on)
: |
31.03.2011 |
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Date of
Incorporation : |
28.07.1995 |
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Com. Reg. No.: |
11-090823 |
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Capital
Investment / Paid-up Capital : |
Rs.0.600 Million |
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CIN No.: [Company Identification
No.] |
U51900MH1995PTC090823 |
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Legal Form : |
Private Limited Liability Company
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Line of Business
: |
Manufacturer and Trader of Components. |
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No. of Employees
: |
50 (Approximately) |
RATING & COMMENTS
|
MIRA’s Rating : |
B (28) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit : |
USD 12000 |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having moderate track. Profitability
of the company appears to be low. Trade relations are reported as fair. Business
is active. Payments are reported to be slow but correct. The company can be considered for business dealings with some caution.
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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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 (General Details)
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Name : |
Mr. Vignesh Bondre |
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Designation : |
Accountant |
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Contact No.: |
91-22-26069641 |
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Date : |
14.04.2012 |
LOCATIONS
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Registered Office : |
Tower No.5, 2nd Floor, Office No.2, World Trade Centre
Arcade, Cuffe Parade, Mumbai – 400005, |
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Tel. No.: |
91-22-22153870 |
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Fax No.: |
91-22-22153870 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. |
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Location : |
Rented |
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Corporate Office : |
Shavo House, S No.21,A/10-B, Plot No.394, South Main Road, Hotel
Cozy-Inn Chowk, Koregaon Park, Pune – 411001, Maharashtra India |
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Tel No.: |
91-20-26059641/ 26059642/ 27036021/ 27030732/ 26069641/ 42/ 43/ 44 |
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Fax No.: |
91-20-26059644 |
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Factory : |
A-173, 4th Cross, 1st Stage, Peenya Industrial
Estate, Bangalore – 560058, Karnataka, India
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Tel. No.: |
91-80-8394004 |
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Fax No.: |
91-80-8395963 |
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Area : |
3000 sq. ft. |
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Location : |
Rented |
DIRECTORS
(AS ON 30.09.2011)
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Name : |
Mr. Rushil Harkishan Shah |
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Designation : |
Director |
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Address : |
241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, |
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Date of Birth/Age : |
11.01.1971 |
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Date of Appointment : |
02.04.1996 |
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DIN No.: |
00031182 |
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Other Directorship :
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Name : |
Mr. Shatul Harkishan Shah |
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Designation : |
Director |
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Address : |
241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400036, |
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Date of Birth/Age : |
21.11.1996 |
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Date of Appointment : |
02.04.1996 |
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DIN No.: |
00031120 |
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Other Directorship :
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Name : |
Mr. Keshavji Harkishan Shah |
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Designation : |
Director |
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Address : |
241B, Grand Paradi Apartments, August Kranti Marg, Mumbai – 400 036, |
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Date of Birth/Age : |
28.01.1926 |
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Date of Appointment : |
02.04.1996 |
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DIN No.: |
00031235 |
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Other Directorship :
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KEY EXECUTIVES
|
Name : |
Mr. Vignesh Bondre |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
(AS ON 30.09.2011)
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Names of Shareholders |
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No. of Shares |
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Shatul Harkishan Shah |
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7084 |
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Rushil Harkishan Shah |
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10834 |
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Rani Harkishan |
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7083 |
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Harkishan Shah |
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7083 |
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Maneesha Shah |
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7083 |
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Foram Trading and Investment Private Limited |
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17500 |
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Shahreen Rushil Shah |
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3333 |
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Total |
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60000 |
(AS ON 30.09.2011)
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Equity Share Breakup |
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Percentage of Holding |
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Category |
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Bodies
corporate |
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29.17 |
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Directors
or relatives of directors |
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70.83 |
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Total |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Trader of Components. |
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Imports : |
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Products : |
Raw Materials |
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Countries : |
·
·
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
End Users |
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No. of Employees : |
50 (Approximately) |
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Bankers : |
· City Bank |
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Facilities : |
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Banking
Relations : |
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Auditors : |
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Name : |
N. M. Dhani and Company Chartered Accountant |
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Address : |
402, |
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Tel. No.: |
91-22-65250239 |
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Income-tax
PAN of auditor or auditor's firm : |
AACPD2484P |
CAPITAL STRUCTURE
(AS ON 30.09.2011)
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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150000 |
Equity Shares |
Rs.10/- each |
Rs.1.500 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
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|
60000 |
Equity Shares |
Rs.10/- each |
Rs.0.600 Million |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
0.600 |
0.600 |
0.600 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
2.417 |
2.257 |
2.087 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
3.017 |
2.857 |
2.687 |
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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 |
12.250 |
10.150 |
7.800 |
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TOTAL BORROWING |
12.250 |
10.150 |
7.800 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
15.267 |
13.007 |
10.487 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
2.492 |
1.281 |
1.329 |
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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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DEFERRED TAX ASSETS |
0.085 |
0.085 |
0.051 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
7.754
|
7.441 |
6.502 |
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Sundry Debtors |
21.411
|
13.976 |
11.239 |
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Cash & Bank Balances |
0.717
|
3.156 |
2.324 |
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Other Current Assets |
0.000 |
0.000 |
0.000 |
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Loans & Advances |
4.609
|
3.291 |
2.802 |
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Total
Current Assets |
34.491
|
27.864 |
22.867 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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|
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Sundry Creditors |
25.561
|
15.322 |
12.834 |
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Other Current Liabilities |
0.000
|
0.000 |
0.000 |
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Provisions |
0.310
|
1.385 |
1.365 |
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Total
Current Liabilities |
25.871
|
16.707 |
14.199 |
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Net Current Assets |
8.620
|
11.157 |
8.668 |
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MISCELLANEOUS EXPENSES |
4.070 |
0.484 |
0.439 |
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TOTAL |
15.267 |
13.007 |
10.487 |
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PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
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SALES |
|
|
|
|
|
|
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TOTAL |
97.174 |
NA |
NA |
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|
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Less |
EXPENSES |
|
|
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|
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TOTAL |
96.575 |
NA |
NA |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION |
0.599 |
0.504 |
0.984 |
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Less/ Add |
DEPRECIATION/
AMORTISATION |
0.351 |
0.278 |
0.231 |
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PROFIT BEFORE
TAX |
0.248 |
0.226 |
0.753 |
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Less |
TAX |
0.056 |
0.056 |
0.348 |
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PROFIT AFTER TAX
|
0.192 |
0.170 |
0.405 |
|
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.769 |
0.762 |
0.502 |
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|
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Less |
APPROPRIATIONS |
|
|
|
|
|
|
|
Transfer to General Reserve |
0.312 |
0.163 |
0.075 |
|
|
|
Proposed Dividend |
-- |
-- |
0.060 |
|
|
|
Tax on Dividend |
-- |
-- |
0.010 |
|
|
BALANCE CARRIED
TO THE B/S |
0.649 |
0.769 |
0.762 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Export Earnings |
3.239 |
1.983 |
2.250 |
|
|
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Commission Earnings |
2.682 |
2.196 |
11.016 |
|
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TOTAL EARNINGS |
5.921 |
4.179 |
13.266 |
|
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IMPORTS |
|
|
|
|
|
|
|
Components |
62.398 |
43.676 |
25.242 |
|
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TOTAL IMPORTS |
62.398 |
43.676 |
25.242 |
|
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|
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|
Earnings Per
Share (Rs.) |
3.20 |
-- |
-- |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.20
|
NA |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
0.67
|
0.78 |
3.11 |
|
|
|
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|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.08
|
0.08 |
0.28 |
|
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|
Debt Equity Ratio (Total Liability/Networth) |
|
12.64
|
9.40 |
8.19 |
|
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|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.33
|
1.67 |
1.61 |
LOCAL AGENCY FURTHER INFORMATION
|
Check List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of
Establishment |
Yes |
|
2) Locality of
the firm |
Yes |
|
3) Constitutions
of the firm |
Yes |
|
4) Premises
details |
Yes |
|
5) Type of
Business |
Yes |
|
6) Line of
Business |
Yes |
|
7) Promoter’s
background |
Yes |
|
8) No. of
employees |
Yes |
|
9) Name of person
contacted |
Yes |
|
10) Designation
of contact person |
Yes |
|
11) Turnover of
firm for last one years |
Yes |
|
12) Profitability
for last three years |
Yes |
|
13) Reasons for
variation <> 20% |
----- |
|
14) Estimation
for coming financial year |
No |
|
15) Capital in
the business |
Yes |
|
16) Details of
sister concerns |
No |
|
17) Major
suppliers |
No |
|
18) Major
customers |
No |
|
19) Payments
terms |
Yes |
|
20) Export /
Import details (if applicable) |
Yes |
|
21) Market
information |
----- |
|
22) Litigations
that the firm / promoter involved in |
----- |
|
23) Banking
Details |
Yes |
|
24) Banking
facility details |
Yes |
|
25) Conduct of
the banking account |
----- |
|
26) Buyer visit
details |
----- |
|
27) Financials,
if provided |
Yes |
|
28) Incorporation
details, if applicable |
Yes |
|
29) Last accounts
filed at ROC |
Yes |
|
30) Major
Shareholders, if available |
Yes |
NOTE:
The Registered Office of the company has been shifted from, Tower 5, 1st
Floor, Office No.1, World Trade Centre Arcade, Cuffe Parade, Mumbai – 400005,
CONTINGENT
LIABILITIES (AS ON 31.03.2011)
Bank Guarantee given to customer toward goods to customer amounting to
Rs.1.875 Millions (Net of deposits) Previous year Rs.1.875 Millions.
Bankers Charges
Report as per Registry
|
Corporate
identity number of the company |
U51900MH1995PTC090823 |
|
Name of the
company |
SHAVO
TECHNOLOGIES PRIVATE LIMITED |
|
Address of the
registered office or of the principal place of business in |
Tower 5, 1st
Floor, Office No.1, World Trade Centre Arcade, Cuffe Parade, Mumbai – 400005,
|
|
This form is for |
Creation of
charge |
|
Type of charge |
Book Debts Movable Property Floating Charge |
|
Particular of
charge holder |
Citi Bank N. A. Kumar Capital, |
|
Nature of
description of the instrument creating or modifying the charge |
a) Loan
Agreement; and b) Deed of
Hypothecation. (Collectively
constitute a single charge for Rs.6.500 Millions) |
|
Date of
instrument Creating the charge |
30.12.2009 |
|
Amount secured by
the charge |
Rs.6.500 Millions
|
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest AROD of Rs.3.000
Millions: Interest @1.50% less than the applicable Citibank PLR that is
currently 14.75%. Applicable Rate:
13.25%.; and Bank Guarantee of Rs.3.500 Millions: Interest as per Trade
Norms. Terms of
Repayment AROD and Bank
Guarantee facility shall be repayable in 12 months. Margin As may be
stipulated by Bank from time to time. Extent and
Operation of the charge Hypothecation by
way of first exclusive charge on Stock and Book Debts of the Company as described
under Item No.15 below as security for repayment of AROD and Bank Guarantee
Facility of Rs.6.500 Millions by Shavo Technologies Private Limited
("the Borrower) and Centraline Lubro Tech Engineers Private Limited
("the Co-Borrower"), together with interest, liquidated damages,
costs, charges and expenses and all other moneys due and payable by the
Borrowers to the Bank. |
|
Short particulars
of the property charged |
Hypothecation of
Stock of the Company. Hypothecation of
Book debts of the Company. |
FIXED ASSETS:
· Computer
· Fax
· Motor Car
· Office Equipment
· Furniture and Fixture
· Air Conditioner
· Tools
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.51.50 |
|
|
1 |
Rs.81.99 |
|
Euro |
1 |
Rs.67.54 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
3 |
|
OPERATING SCALE |
1~10 |
3 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
3 |
|
--PROFITABILIRY |
1~10 |
3 |
|
--LIQUIDITY |
1~10 |
3 |
|
--LEVERAGE |
1~10 |
3 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
3 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
NO |
|
--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 |
|
28 |
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.