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Report Date : |
22.05.2012 |
IDENTIFICATION DETAILS
|
Name : |
SHINAGO INFRASTRUCTURE AND RESOURCES
LIMITED [w.e.f. 06.11.2009] |
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Formerly Known
As : |
SHINAGO TRADING AND RESOURCES LIMITED |
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Registered Office
: |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Date of
Incorporation : |
17.07.2008 |
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Com. Reg. No.: |
18-068603 |
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Capital
Investment / Paid-up Capital : |
Rs.107.000
Millions |
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CIN No.: [Company Identification
No.] |
U51900TN2008PLC068603 |
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TAN No.: [Tax Deduction &
Collection Account No.] |
CHES34523G MRIS05547D |
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PAN No.: [Permanent Account No.] |
AAMCS2165H |
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Legal Form : |
A Closely Held Public Limited Liability Company |
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Line of Business
: |
Trader of Timber and Steam Coal. |
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No. of Employees
: |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (45) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is an established company having satisfactory track. Trade relations
are reported as fair. Business is active. Payments are reported to be usually
correct 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.
ECGC Country Risk Classification List – September 30, 2011
|
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 |
LOCATIONS
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Registered Office : |
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Tel. No.: |
Not Available |
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Fax No.: |
Not Available |
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E-Mail : |
DIRECTORS
As on 26.08.2011
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Name : |
Khetha Somji Gopal Patel |
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Designation : |
Director |
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Date of Birth/Age : |
02.03.1965 |
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Date of Appointment : |
17.07.2008 |
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Din No.: |
01792282 |
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Other Directorship:
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Name : |
Mr. Shivgan Ketha Somji Patel |
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Designation : |
Director |
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Date of Birth/Age : |
25.10.1956 |
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Date of Appointment : |
17.07.2008 |
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Din No.: |
01792535 |
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Other Directorship:
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Name : |
Mr. Mahesh Gopal Patel |
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Designation : |
Director |
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Date of Birth/Age : |
08.10.1983 |
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Date of Appointment : |
17.07.2008 |
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Din No.: |
01796495 |
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Other Directorship:
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Name : |
Mr. Hitesh Shivgan Patel |
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Designation : |
Director |
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Date of Birth/Age : |
25.02.1982 |
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Date of Appointment : |
17.07.2008 |
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Din No.: |
01796510 |
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Other Directorship:
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MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 26.08.2011
|
Names of Shareholders |
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No. of Shares |
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Shivgan Ketha Somji Patel |
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1047577 |
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Hitesh Shivgan Patel |
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752500 |
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Gopal Kheta Patel |
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950000 |
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Nathu Kheta Patel |
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950000 |
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Dinesh Shivgan Patel |
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950000 |
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Hasmukh Shivgan Patel |
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750000 |
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Mahesh Gopal Patel |
|
750000 |
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Suresh Nathu Patel |
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750000 |
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Hirubhai Shivgan Patel |
|
500000 |
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Pushba Nathu Patel |
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500000 |
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Ramila Gopal Patel |
|
500000 |
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Deepak Gopal Patel |
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500000 |
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Pushpa Dinesh Patel |
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200000 |
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Jayamala Hasmukh Patel |
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200000 |
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Reena Hitesh Patel |
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200000 |
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Hema Mahesh Patel |
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200000 |
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Hasmitha Suresh Patel |
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200000 |
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Shakundala D Patel |
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200000 |
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Jitendra Gopal Patel |
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300000 |
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Paresh Nathu Patel |
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300000 |
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Total |
|
10700077 |
As on 23.12.2011
|
Names of Allottees |
|
No. of Shares |
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Shivgan Ketha Somji Patel |
|
1852423 |
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Hitesh Shivgan Patel |
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1247500 |
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Gopal Kheta Patel |
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1900000 |
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Nathu Kheta Patel |
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1900000 |
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Dinesh Shivgan Patel |
|
1050000 |
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Hasmukh Shivgan Patel |
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1250000 |
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Mahesh Gopal Patel |
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1250000 |
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Suresh Nathu Patel |
|
1250000 |
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Hirubhai Shivgan Patel |
|
300000 |
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Pushba Nathu Patel |
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300000 |
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Ramila Gopal Patel |
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300000 |
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Deepak Gopal Patel |
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1500000 |
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Pushpa Dinesh Patel |
|
300000 |
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Jayamala Hasmukh Patel |
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300000 |
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Reena Hitesh Patel |
|
300000 |
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Hema Mahesh Patel |
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300000 |
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Hasmitha Suresh Patel |
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300000 |
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Shakundala D Patel |
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300000 |
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Jitendra Gopal Patel |
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1700000 |
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Paresh Nathu Patel |
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1700000 |
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Total |
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19299923 |
As on 26.08.2011
|
Equity Share Breakup |
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Percentage of Holding |
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Category |
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Directors
or relatives of directors |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Trader of Timber and Steam Coal. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
Not Available |
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Bankers : |
Punjab National Bank, 10, |
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Facilities : |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
S.K. Murthy and Associates Chartered Accountants |
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Address : |
27, Ground Floor, Royal Castle, First Main Road, CIT Colony,
Chennai-600004, Tamilnadu, India |
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Pan No.: |
AAAFS1582M |
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Related Parties: |
·
Shinago Exim Private Limited ·
Patidar Wood Private Limited ·
Surya Timber Traders ·
Maruthi Saw Mill ·
Bhavani Saw Mill ·
Prabhat Saw Mill ·
Patel Plywood and Timbers ·
Bhavani Plywood and Timbers ·
Gajanand Wood Products |
CAPITAL STRUCTURE
As on 31.03.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
10700077 |
Equity Shares |
Rs.10/- each |
Rs.107.000
Millions |
As on 26.08.2011
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
30000000 |
Equity Shares |
Rs.10/- each |
Rs.300.000 Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
|
SHAREHOLDERS FUNDS |
|
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|
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1] Share Capital |
107.000 |
107.000 |
3.500 |
|
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2] Share Application Money |
25.418 |
2.518 |
0.000 |
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3] Reserves & Surplus |
18.951 |
6.634 |
0.000 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
151.369 |
116.152 |
3.500 |
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LOAN FUNDS |
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1] Secured Loans |
467.267 |
294.225 |
0.000 |
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2] Unsecured Loans |
241.361 |
154.960 |
0.000 |
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TOTAL BORROWING |
708.628 |
449.185 |
0.000 |
|
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DEFERRED TAX LIABILITIES |
1.245 |
0.060 |
0.000 |
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TOTAL |
861.242 |
565.397 |
3.500 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
473.653 |
286.915 |
0.000 |
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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 |
174.787
|
88.848 |
0.000 |
|
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Sundry Debtors |
919.844
|
751.997 |
0.000 |
|
|
Cash & Bank Balances |
99.000
|
58.856 |
0.039 |
|
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Other Current Assets |
0.000
|
0.000 |
0.000 |
|
|
Loans & Advances |
18.814
|
20.958 |
2.535 |
|
Total
Current Assets |
1212.445
|
920.659 |
2.574 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
0.000
|
625.549 |
0.000 |
|
|
Other Current Liabilities |
818.515
|
14.070 |
0.000 |
|
|
Provisions |
7.506
|
3.312 |
0.016 |
|
Total
Current Liabilities |
826.021
|
642.931 |
0.016 |
|
|
Net Current Assets |
386.424
|
277.728 |
2.558 |
|
|
|
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|
MISCELLANEOUS EXPENSES |
1.165 |
0.754 |
0.942 |
|
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|
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TOTAL |
861.242 |
565.397 |
3.500 |
|
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
|
|
|
SALES |
|
|
|
|
|
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|
Income |
|
1912.900 |
1407.602 |
|
|
|
Other Income |
|
15.936 |
1.396 |
|
|
|
TOTAL (A) |
|
1928.836 |
1408.998 |
|
|
|
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|
|
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Less |
EXPENSES |
|
|
|
|
|
|
|
Consumption Material Changes Inventories |
|
1849.011 |
1371.292 |
|
|
|
Administrative Selling Other Expenses |
|
9.742 |
2.534 |
|
|
|
TOTAL (B) |
|
1858.753 |
1373.826 |
|
|
|
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|
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Less |
PROFIT
/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
|
70.083 |
35.172 |
|
|
|
|
|
|
|
|
|
Less |
FINANCIAL
EXPENSES (D) |
|
50.571 |
25.518 |
|
|
|
|
|
|
|
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|
PROFIT
/ (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
|
19.512 |
9.654 |
|
|
|
|
|
|
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
|
1.069 |
0.051 |
|
|
|
|
|
|
|
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|
PROFIT / (LOSS)
BEFORE TAX (E-F) (G) |
|
18.443 |
9.603 |
|
|
|
|
|
|
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Less |
TAX (H) |
|
6.126 |
2.969 |
|
|
|
|
|
|
|
|
|
|
PROFIT / (LOSS)
AFTER TAX (G-H) (I) |
|
12.317 |
6.634 |
|
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|
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|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
|
|
|
|
Trade Receipts |
|
45.241 |
25.780 |
|
|
|
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|
|
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|
Earnings /
(Loss) Per Share (Rs.) |
|
1.15 |
0.62 |
|
KEY RATIOS
|
PARTICULARS |
|
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
PAT / Total Income |
(%) |
0.64
|
0.47 |
NA |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
0.96
|
0.68 |
NA |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
3.10
|
0.80 |
NA |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
0.12
|
0.08 |
NA |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
10.14
|
9.40 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
1.47
|
1.43 |
160.88 |
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 |
No |
|
5) Type of Business |
Yes |
|
6) Line of Business |
Yes |
|
7) Promoter’s background |
Yes |
|
8) No. of employees |
No |
|
9) Name of person contacted |
No |
|
10) Designation of contact person |
No |
|
11) Turnover of firm for last two years |
Yes |
|
12) Profitability for last two 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 |
Yes |
|
17) Major suppliers |
No |
|
18) Major customers |
No |
|
19) Payments terms |
No |
|
20) Export / Import details (if applicable) |
No |
|
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 675, 200 FT Inner Ring Road, Madhavaram, Chennai-600110, Tamilnadu, India to the present address w.e.f. 06.12.2010
FINANCIALS:
During this year,
the company took some strategic initiatives to improve its volume and
profitability. The effects of these changes are expected to bring results in
the coming years. During the year ended March 31, 2011, the company has
registered a Gross Income of Rs.1928.836 millions as compared to Rs.1408.998
millions, recorded last year. The Profit before tax was Rs.18.443 millions
against Rs.9.603 millions, recorded last year.
BUSINESS:
In the current
economic scenario, they have witnessed good activity in the construction
industry in a large number of non-metro cities besides the metro themselves
which resulted into active trading in the timber business. The company has
experienced growth in revenues in the year. Overall, there was a high level of
activity in the timber and coal trade during the year.
CURRENT OUTLOOK:
Things are
expected to turnaround for better. There is a lot of activity happening in the
construction sector. The GDP is expected to again reach a level of 9% in the
year 2011-12. Company management is closely monitoring and reviewing these
changes to suitably modify its business strategy to suit changed market
environment. The company is confident of making its way ahead, without
compromising on its core values.
WAREHOUSING PROJECT:
The Warehousing and Saw Mill Project is in the advanced stage of completion
and the Revenue stream is expected to pick up in the current year.
CONTINGENT
LIABILITIES:
ESTIMATED AMOUNT
OF CONTRACTS REMAINING TO BE EXECUTED AND NOT PROVIDED FOR:
a) On Capital
Accounts Rs.5.700 Millions (Previous Year Rs. 148.700 Millions)
b) On account of
Guarantees issued Rs.450.000 Millions (Previous Year Rs. nil)
c) On account of
Letter of Credits established
Rs. Nil (Previous Year Rs. Nil)
BANKERS CHARGES
REPORT AS PER REGISTRY
|
This form is for |
Creation of
charge |
|
Corporate
identity number of the company |
U51900TN2008PLC068603 |
|
Name of the
company |
SHINAGO
INFRASTRUCTURE AND RESOURCES LIMITED |
|
Address of the
registered office or of the principal place of business in |
Raheja Towers, Unit 407, 4th Floor, 177, Anna Salai,
Chennai-600002, Tamilnadu, India |
|
Type of charge |
Movable Property
[not being pledge] |
|
Particular of
charge holder |
Punjab National Bank, 10, Raja Street, Thyagaraya Nagar, Chennai-600017,
Tamilnadu, India |
|
Email |
|
|
Nature of
description of the instrument creating or modifying the charge |
1. Master
agreement cum deed of hypothecation dated 16/03/2012 2. Agreement of
guarantee dated 16/03/2012. |
|
Date of
instrument Creating the charge |
16.03.2012 |
|
Amount secured by
the charge |
Rs.50.000
Millions |
|
Brief particulars
of the principal terms an conditions and extent and operation of the charge |
Rate of Interest As per master
agreement cum deed of hypothecation dated 16/03/2012 Terms of
Repayment As per master
agreement cum deed of hypothecation dated 16/03/2012 Margin As per master
agreement cum deed of hypothecation dated 16/03/2012 Extent and
Operation of the charge The charge
operates as security for the repayment of loan of Rs. 50.000 Millions along
with interest. |
|
Short particulars
of the property charged |
Timbers, logs,
coal etc., (purchased/imported) whether it be in transit, in godowns,
factories or wherever else the same may be from time to time. |
FIXED ASSETS:
·
Office Building
·
Forklift
·
Car
·
Two Wheelers
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.54.68 |
|
|
1 |
Rs.86.52 |
|
Euro |
1 |
Rs.69.85 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.