MIRA
INFORM REPORT
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Report Date : |
09.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
REDWOP CHEMICALS PRIVATE LIMITED |
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Registered
Office : |
1st Floor, Surya Chandra Complex, Near Bank of Baroda, Opposite Sreeji, Kalawad Road, Rajkot-360005, Gujarat, India |
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Country : |
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Financials (as
on) : |
28.09.2013 |
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Date of
Incorporation : |
09.09.2010 |
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Com. Reg. No.: |
04-062258 |
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Capital Investment
/ Paid-up Capital : |
Rs. 0.100 Million |
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CIN No.: [Company Identification
No.] |
U24100GJ2010PTC062258 |
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IEC No.: |
Not Divulged |
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TAN No.: [Tax Deduction &
Collection Account No.] |
Not Divulged |
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PAN No.: [Permanent Account No.] |
Not Divulged |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Manufacturer, Supplier and Exporter of Sprayed Concrete, Acrylic Polymer
Cement Based, Tiles Adhesive, Joint Filler Exposy
Based. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
|
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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Maximum Credit Limit : |
USD 1000 |
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Status : |
Small company |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small company in its field. Its scale of activities are
limited. However, trade relations are reported to be fair. Business is active.
Payments are reported to be slow correct. The company can be considered for small to medium 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.
ECGC Country Risk Classification List – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2014.
INFORMATION PARTED BY
|
Name : |
Mr. Manish Nakrani |
|
Designation : |
Director |
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Contact No.: |
91-9638522233 |
|
Date : |
06.12.2014 |
LOCATIONS
|
Registered Office : |
1st Floor, Surya Chandra Complex, Near Bank of Baroda, Opposite Sreeji, Kalawad Road, Rajkot-360005, Gujarat, India |
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Tel. No.: |
281-2576664 |
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Mobile No.: |
91-9638522233 / 9979899310 / 9638622233 (Mr. Manish Nakrani) |
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Fax No.: |
Not available |
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E-Mail : |
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Website : |
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Factory : |
Metoda GIDC, Village Thapra,
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DIRECTORS
|
Name : |
Mr. Manish Nakrani |
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Designation : |
Director |
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Address : |
Reliance Greens, New Town Ship, Sector – 24, |
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Date of Birth/Age : |
01.06.1978 |
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Date of Appointment : |
09.09.2010 |
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DIN No.: |
03160155 |
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Name : |
Mr. Chetanbhai Nakrani |
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Designation : |
Director |
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Address : |
12, Pithadiya, Boghrasheri,
Ramjimanthira, Pithadiya,
Bagasara- 365654, |
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Date of Appointment : |
23.03.2013 |
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DIN No.: |
06533328 |
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Name : |
Mr. Sureshbhai Gobarbhai
Pipaliya |
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Designation : |
Director |
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Address : |
Deep Jyot Park Soc.- 2, Raghu
Nandan, Opp. Punam Dumper, Mavdi Bye Pass
Road Rajkot - 360 004, Gujarat, India |
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Date of Birth/Age : |
06.01.1977 |
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Date of Appointment : |
14.09.2013 |
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DIN No.: |
06689298 |
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Name : |
Mr. Alpeshbhai Chanabhai
Rakholiya |
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Designation : |
Director |
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Address : |
At: Anandpar, Tal:
Kalawad, Dist: Jamnagar, Anandpar - 361 160, Gujarat, India |
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Date of Birth/Age : |
01.06.1985 |
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Date of Appointment : |
14.09.2013 |
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DIN No.: |
06689327 |
MAJOR SHAREHOLDERS
As on 28.09.2013
|
Names of Shareholders |
No. of Shares |
|
Manish Nakrani |
8500 |
|
Chetanbhai Nakrani |
1500 |
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TOTAL |
10000 |
Equity Share Break up (Percentage of Total Equity)
As on 28.09.2013
|
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 : |
Manufacturer, Supplier and Exporter of Sprayed Concrete, Acrylic Polymer
Cement Based, Tiles Adhesive, Joint Filler Exposy
Based. |
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Products : |
Not Divulged |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
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Products : |
Finished Goods |
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Countries : |
·
Uganda ·
Kenya |
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Imports : |
Not Divulged |
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Terms : |
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Selling : |
Cash and Credit |
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Purchasing : |
Cash and Credit |
GENERAL INFORMATION
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Suppliers : |
·
20 Microns Limited ·
B. R. Enterprises ·
Bharat Miniral Corporation ·
Kaival Industries ·
Mars Enterprises ·
Maruti Computer ·
Navkar Chemicals |
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Customers : |
Wholesalers, Retailers and End Users ·
Ayush Enterprises ·
Amar Enterprises ·
Apex Ceremic ·
Bajarang Traders ·
Ashapura Agency ·
Bhabha Steel ·
R. M. Color |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
South Indian Bank, 150 Feet, Ring Road, Ratkot,
Gujarat, India |
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Facilities : |
SECURED
LOAN (Rs. In Millions)
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Banking
Relations : |
--- |
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Auditors : |
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Name : |
B. M. Vasoya and Associates Chartered Accountant |
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Address : |
12, Bhaktinagar Station Plot, Near Bank of
Baroda, Rajkot-360005, Gujarat, India |
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PAN No.: |
AELPV5012Q |
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Memberships : |
----- |
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Collaborators : |
----- |
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Associates/Subsidiaries : |
Not Divulged |
CAPITAL STRUCTURE
As on 28.09.2013
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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10000 |
Equity Shares |
Rs.10/- each |
Rs. 0.100 Millions |
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FINANCIAL DATA
[all figures are
in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
I.
EQUITY
AND LIABILITIES |
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(1)Shareholders' Funds |
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(a) Share Capital |
0.100 |
0.100 |
0.100 |
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(b) Reserves & Surplus |
0.107 |
0.047 |
0.021 |
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(c) Money
received against share warrants |
0.000 |
0.000 |
0.000 |
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(2) Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
0.207 |
0.147 |
0.121 |
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(3)
Non-Current Liabilities |
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(a) long-term borrowings |
2.304 |
2.018 |
0.501 |
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(b) Deferred tax liabilities (Net) |
0.010 |
0.002 |
0.001 |
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(c) Other long term liabilities |
0.000 |
0.000 |
0.000 |
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(d) long-term provisions |
0.000 |
0.000 |
0.000 |
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Total Non-current Liabilities (3) |
2.314 |
2.020 |
0.502 |
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(4) Current Liabilities |
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(a) Short term borrowings |
0.000 |
0.000 |
0.000 |
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(b) Trade payables |
1.034 |
0.445 |
1.248 |
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(c) Other current
liabilities |
0.371 |
0.086 |
0.000 |
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(d) Short-term provisions |
0.369 |
0.025 |
0.005 |
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Total Current Liabilities (4) |
1.774 |
0.556 |
1.253 |
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TOTAL |
4.295 |
2.723 |
1.876 |
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II.
ASSETS |
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(1) Non-current assets |
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(a) Fixed Assets |
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(i)
Tangible assets |
1.257 |
0.277 |
0.187 |
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(ii) Intangible Assets |
0.000 |
0.000 |
0.000 |
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(iii) Capital
work-in-progress |
0.000 |
0.000 |
0.000 |
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(iv)
Intangible assets under development |
0.000 |
0.000 |
0.000 |
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(b) Non-current Investments |
0.000 |
0.000 |
0.000 |
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(c) Deferred tax assets (net) |
0.000 |
0.000 |
0.000 |
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(d) Long-term Loan and Advances |
0.000 |
0.000 |
0.000 |
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(e) Other Non-current assets |
0.000 |
0.104 |
0.029 |
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Total Non-Current Assets |
1.257 |
0.381 |
0.216 |
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(2) Current assets |
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(a) Current investments |
0.000 |
0.000 |
0.000 |
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(b) Inventories |
1.712 |
1.959 |
1.297 |
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(c) Trade receivables |
1.099 |
0.265 |
0.028 |
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(d) Cash and cash
equivalents |
0.214 |
0.051 |
0.277 |
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(e) Short-term loans and
advances |
0.000 |
0.000 |
0.000 |
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(f) Other current assets |
0.013 |
0.067 |
0.058 |
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Total Current Assets |
3.038 |
2.342 |
1.660 |
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TOTAL |
4.295 |
2.723 |
1.876 |
PROFIT & LOSS
ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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SALES |
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TOTAL (A) |
8.866 |
3.715 |
0.386 |
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Less |
EXPENSES |
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TOTAL (B) |
8.664 |
3.640 |
0.353 |
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Less |
PROFIT
BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C) |
0.202 |
0.075 |
0.033 |
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Less |
FINANCIAL
EXPENSES (D) |
0.011 |
0.000 |
0.000 |
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PROFIT
BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E) |
0.191 |
0.075 |
0.033 |
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Less/ Add |
DEPRECIATION/
AMORTISATION (F) |
0.100 |
0.033 |
0.011 |
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PROFIT BEFORE
TAX (E-F) (G) |
0.091 |
0.042 |
0.022 |
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Less |
TAX (H) |
0.031 |
0.016 |
0.001 |
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PROFIT AFTER TAX
(G-H) (I) |
0.060 |
0.026 |
0.021 |
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|
Add |
PREVIOUS
YEARS’ BALANCE BROUGHT FORWARD |
0.047 |
0.021 |
0.000 |
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BALANCE CARRIED
TO THE B/S |
0.107 |
0.047 |
0.021 |
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|
Earnings Per
Share (Rs.) |
6.00 |
2.60 |
2.10 |
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Particulars |
|
|
31.03.2014 |
|
Sales Turnover (Approximately) |
|
|
25.000 |
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|
The above information has been parted by Mr. Manish Nakrani
(Director).
KEY RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Net Profit Margin (PAT/Sales) |
(%) |
0.68 |
0.70 |
5.44 |
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Operating Profit Margin (PBIDT/Sales) |
(%) |
2.28 |
2.02 |
8.55 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
2.12 |
1.54 |
1.17 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.44 |
0.29 |
0.18 |
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|
Debt Equity Ratio (Total Debt /Networth) |
|
11.13 |
13.73 |
4.14 |
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|
Current Ratio (Current Asset/Current Liability) |
|
1.71 |
4.21 |
1.32 |
FINANCIAL ANALYSIS
[all figures are in
Rupees Millions]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Share Capital |
0.100 |
0.100 |
0.100 |
|
Reserves & Surplus |
0.021 |
0.047 |
0.107 |
|
Net worth |
0.121 |
0.147 |
0.207 |
|
|
|
|
|
|
long-term borrowings |
0.501 |
2.018 |
2.304 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.501 |
2.018 |
2.304 |
|
Debt/Equity
ratio |
4.140 |
13.728 |
11.130 |
YEAR-ON-YEAR GROWTH
|
Year
on Year Growth |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
0.386 |
3.715 |
8.866 |
|
|
|
862.435 |
138.654 |
NET PROFIT MARGIN
|
Net Profit
Margin |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs. In Millions) |
(Rs. In Millions) |
(Rs. In Millions) |
|
Sales |
0.386 |
3.715 |
8.866 |
|
Profit |
0.021 |
0.026 |
0.060 |
|
|
5.44% |
0.70% |
0.68% |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
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 |
Yes |
|
9] |
Name of person contacted |
Yes |
|
10] |
Designation of contact person |
Yes |
|
11] |
Turnover of firm for last four 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 |
Yes |
|
18] |
Major customers |
Yes |
|
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 |
|
31] |
Date of Birth of Proprietor/Partner/Director, if available |
Yes |
|
32] |
PAN of Proprietor/Partner/Director, if available |
Yes |
|
33] |
Voter ID No of Proprietor/Partner/Director, if available |
No |
|
34] |
External Agency Rating, if available |
No |
UNSECURED LOAN
(Rs. In Millions)
|
Particulars |
As
on 31.03.2013 |
As
on 31.03.2012 |
|
LONG TERM
BORROWINGS |
|
|
|
Loans and
Advances from Related Parties |
|
|
|
Alpeshbhai B. Boghara |
0.020 |
0.020 |
|
Anilbhai H. Bhuva |
0.000 |
0.524 |
|
Ashwinbhai Bhuva |
0.000 |
0.160 |
|
Alpeshbhai H. Rakholiya |
0.250 |
0.000 |
|
Ashwinbhai Nakrani |
0.020 |
0.000 |
|
Dharmeshbhai Sojitra |
0.400 |
1.120 |
|
Ghanshyambhai Seladiya |
0.019 |
0.019 |
|
Hirenbhai Vasani |
0.000 |
0.020 |
|
Jastinbhai Gajera |
0.000 |
0.020 |
|
Jayrajbhai Movaliya |
0.019 |
0.019 |
|
Jigneshbhai Hirani |
0.000 |
0.020 |
|
Kamleshbhai B. Agravat |
0.020 |
0.020 |
|
Kishorbhai Hirapara |
0.019 |
0.019 |
|
Mayurbhai Pipaliya |
0.019 |
0.019 |
|
Manishbhai Nakrani |
0.900 |
0.000 |
|
Raghunandan Industries |
0.150 |
0.000 |
|
Vipulbhai Vaghasiya |
0.000 |
0.019 |
|
Vithalbhai Rakholiya |
0.019 |
0.019 |
|
Total |
1.855 |
2.018 |
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
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 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. 61.93 |
|
|
1 |
Rs. 96.37 |
|
Euro |
1 |
Rs. 76.10 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
|
|
|
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
3 |
|
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 |
YES |
|
--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 |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
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 |
|
-- |
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.