MIRA INFORM REPORT
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Report No. : |
325570 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
DIVERSEY INDIA PRIVATE LIMITED (w.e.f.05.03.2010) |
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Formerly Known
As : |
JOHNSONDIVERSEY INDIA PRIVATE LIMITED JOHNSON WAX PROFESSIONAL PRIVATE LIMITED |
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Registered
Office : |
501, 5th Floor, Ackruti Centre Point, MIDC Central Road,
Andheri (East), Mumbai – 400093, Maharashtra |
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Tel. No.: |
91-22-66444222 |
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Country : |
India |
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Financials (as
on) : |
31.03.2013 |
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Date of
Incorporation : |
01.10.2001 |
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Com. Reg. No.: |
11-178568 |
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Capital
Investment / Paid-up Capital : |
Rs. 253.096
Million |
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CIN No.: [Company Identification
No.] |
U74999MH2001PTC178568 |
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IEC No.: |
Not Available |
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TAN No.: [Tax Deduction &
Collection Account No.] |
AAACJ9744R |
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PAN No.: [Permanent Account No.] |
Not Available |
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Legal Form : |
Private Limited Liability Company |
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Line of Business
: |
Subject is engaged in business of Industrial and Institutional Cleaning and Hygiene Products. |
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No. of Employees
: |
Information declined by the management |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (47) |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 a satisfactory track record. As per ROC the date of balance sheet (i.e. financial filed) is shown as
31-03-2014 but the documents related to the financial for the year 2014 are
not available from any sources. As per available financial of 2013, the financial position of the
company seems to be sound and healthy. Trade relations are reported as fair. Business is active. Payment
terms are reported to be usually correct. 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.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
Not Available |
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Rating |
Not Available |
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Rating Explanation |
Not Available |
|
Date |
Not Available |
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
31-03-2013.
INFORMATION DENIED BY
|
Name : |
Mr. T.C. Pattabiraman |
|
Designation : |
Finance Head |
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Contact No.: |
91-22-664442000 |
|
Date : |
02.06.2015 |
LOCATIONS
|
Registered Office : |
501, 5th Floor, Ackruti Centre Point, MIDC Central Road,
Andheri (East), Mumbai – 400093, Maharashtra, India |
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Tel. No.: |
91-22-66444222 |
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Fax No.: |
91-22-66444223 |
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E-Mail : |
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Website : |
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Delhi Office : |
10/8, DI GRG Road, Samalkha, New Delhi - 110037, India |
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R and D Centers
and Knowledge: |
158, Danicorporate Centre, Dani Compd, Kalina, Vidyanagri Marg,
Santacruz (East), Mumbai-400098, |
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Factory 1 : |
Survey No.56/2, Plot No.17, Silver Industrial Estate, Daman-396210,
Daman and |
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Factory 2 : |
Village Rangwal App GPI Textile, Bharat Gacl Road, Tehsil Nalgad, District
Solan-174101, Himachal Pradesh, India |
DIRECTORS
As on 29.09.2014
|
Name : |
Mr. Himanshu Jain |
|
Designation : |
Managing Director |
|
Address : |
61C, Jai Apartment, 102 IP Extension, New Delhi - 110092, India |
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Date of Birth/Age : |
08.01.1966 |
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Date of Appointment : |
05.07.2011 |
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DIN No.: |
03540481 |
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Name : |
Mr. Hemant Shivram Godbole |
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Designation : |
Director |
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Address : |
A-901, Serenity Complex, Off |
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Date of Birth/Age : |
10.09.1955 |
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Date of Appointment : |
29.10.2007 |
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DIN No.: |
02015943 |
KEY EXECUTIVES
|
Name : |
Mr. T.C. Pattabiraman |
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Designation : |
Finance Head |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
As on 29.09.2014
|
Names of Shareholders |
|
No. of Shares |
|
Diversey Inc., USA |
|
25309599 |
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Professional Share Holdings Inc., USA |
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1 |
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Total |
|
25309600 |
Equity Share Break up (Percentage of Total Equity)
As on 29.09.2014
|
Equity Share Breakup |
Percentage of Holding |
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Category |
|
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Foreign holdings [Foreign institutional investors, Foreign Companies, Foreign Financial Institutions, Non-resident Indian or Overseas corporate bodies or others] |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in business of Industrial and Institutional Cleaning and Hygiene Products. |
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Products/ Services : |
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Brand Names : |
Not Divulged |
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Agencies Held : |
Not Divulged |
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Exports : |
Not Divulged |
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Imports : |
Not Divulged |
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Terms : |
Not Divulged |
PRODUCTION STATUS NOT AVAILABLE
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Information declined by the management |
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Bankers : |
Citi Bank |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
B S R and Company Chartered Accountants |
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Address : |
Mumbai – 400011, Maharashtra, India |
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Income-tax
PAN of auditor or auditor's firm : |
AAIFB4734C |
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Memberships : |
-- |
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Collaborators : |
-- |
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Holding company [as on 31.03.2013]: |
Diversey Inc |
CAPITAL STRUCTURE
AS ON 29.09.2014
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
31,000,000 |
Equity Shares |
Rs. 10/- each |
Rs. 310.000 Million |
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Issued, Subscribed & Paid-up Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
|
|
|
|
|
25,309,600 |
Equity Shares |
Rs. 10/- each |
Rs. 253.096
Million |
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FINANCIAL DATA
[all figures are
in Rupees Million]
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
31.03.2013 |
31.03.2012 |
|
I.
EQUITY AND LIABILITIES |
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|
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(1)Shareholders'
Funds |
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|
|
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(a) Share Capital |
|
253.096 |
253.096 |
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(b) Reserves & Surplus |
|
925.116 |
599.719 |
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(c) Money received against share warrants |
|
0.000 |
0.000 |
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(2) Share
Application money pending allotment |
|
0.000 |
0.000 |
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Total
Shareholders’ Funds (1) + (2) |
|
1178.212 |
852.815 |
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(3) Non-Current Liabilities |
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(a) long-term borrowings |
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0.000 |
0.000 |
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(b) Deferred tax liabilities (Net) |
|
0.000 |
0.000 |
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(c)
Other long term liabilities |
|
0.000 |
0.000 |
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(d)
long-term provisions |
|
58.231 |
42.177 |
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Total
Non-current Liabilities (3) |
|
58.231 |
42.177 |
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(4)
Current Liabilities |
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(a)
Short term borrowings |
|
0.000 |
0.000 |
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(b)
Trade payables |
|
322.139 |
322.552 |
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(c)
Other current liabilities |
|
197.656 |
174.447 |
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(d)
Short-term provisions |
|
84.445 |
48.243 |
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Total
Current Liabilities (4) |
|
604.240 |
545.242 |
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TOTAL |
|
1840.683 |
1440.234 |
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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 |
|
303.903 |
334.188 |
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(ii)
Intangible Assets |
|
67.462 |
84.332 |
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(iii)
Capital work-in-progress |
|
39.315 |
13.831 |
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(iv) Intangible assets under development |
|
0.000 |
0.000 |
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(b) Non-current
Investments |
|
0.000 |
0.000 |
|
(c) Deferred tax assets
(net) |
|
20.305 |
31.588 |
|
(d) Long-term Loan
and Advances |
|
162.564 |
111.601 |
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(e)
Other Non-current assets |
|
0.000 |
0.000 |
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Total
Non-Current Assets |
|
593.549 |
575.540 |
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|
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(2)
Current assets |
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|
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(a)
Current investments |
|
0.000 |
0.000 |
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(b)
Inventories |
|
401.719 |
358.277 |
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(c)
Trade receivables |
|
331.613 |
293.947 |
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(d)
Cash and cash equivalents |
|
453.303 |
144.319 |
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(e)
Short-term loans and advances |
|
57.969 |
67.719 |
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(f)
Other current assets |
|
2.530 |
0.432 |
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Total
Current Assets |
|
1247.134 |
864.694 |
|
|
|
|
|
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TOTAL |
|
1840.683 |
1440.234 |
|
SOURCES OF FUNDS |
|
|
31.03.2011 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Share Capital |
|
|
253.096 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
404.583 |
|
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4] (Accumulated Losses) |
|
|
0.000 |
|
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NETWORTH |
|
|
657.679 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
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2] Unsecured Loans |
|
|
0.000 |
|
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TOTAL BORROWING |
|
|
0.000 |
|
|
DEFERRED TAX LIABILITIES |
|
|
0.000 |
|
|
|
|
|
|
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TOTAL |
|
|
657.679 |
|
|
|
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APPLICATION OF FUNDS |
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|
|
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|
FIXED ASSETS [Net Block] |
|
|
379.968 |
|
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Capital work-in-progress |
|
|
49.062 |
|
|
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|
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INVESTMENT |
|
|
0.000 |
|
|
DEFERRED TAX ASSETS |
|
|
29.678 |
|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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|
Inventories |
|
|
325.843 |
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|
Sundry Debtors |
|
|
244.386 |
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|
Cash & Bank Balances |
|
|
115.512 |
|
|
Other Current Assets |
|
|
4.750 |
|
|
Loans & Advances |
|
|
89.890 |
|
Total
Current Assets |
|
|
780.381 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Sundry Creditors |
|
|
554.459 |
|
|
Other Current Liabilities |
|
|
0.000 |
|
|
Provisions |
|
|
26.951 |
|
Total
Current Liabilities |
|
|
581.410 |
|
|
Net Current Assets |
|
|
198.971 |
|
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|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
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TOTAL |
|
|
657.679 |
|
PROFIT
& LOSS ACCOUNT
|
|
PARTICULARS |
31.03.2013 |
31.03.2012 |
31.03.2011 |
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|
SALES |
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TOTAL |
NA
|
NA
|
NA
|
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|
Less |
EXPENSES |
|
|
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TOTAL |
NA
|
NA
|
NA
|
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|
PROFIT BEFORE
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
|
|
Less |
TAX |
NA |
NA |
NA |
|
|
|
|
|
|
|
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|
PROFIT AFTER TAX
|
325.397 |
303.977 |
236.181 |
|
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EARNINGS IN
FOREIGN CURRENCY |
|
|
|
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|
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|
Export Earnings |
354.611 |
NA |
81.775 |
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|
Earnings Per
Share (Rs.) |
12.86 |
12.01 |
9.33 |
|
CURRENT MATURITIES OF LONG TERM DEBT DETAILS
|
Particulars |
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Current Maturities of Long term debt |
NA |
NA |
NA |
|
Cash generated from operations |
NA |
NA |
NA |
KEY
RATIOS
|
PARTICULARS |
|
31.03.2013 |
31.03.2012 |
31.03.2011 |
|
Debt Equity Ratio (Total Debt/Networth) |
|
0.00 |
0.00 |
0.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
2.06 |
1.59 |
1.34 |
FINANCIAL ANALYSIS
[all figures are
in Rupees Million]
DEBT EQUITY RATIO
|
Particular |
31.03.2011 |
31.03.2012 |
31.03.2013 |
|
|
(Rs.
In Million) |
(Rs. In Million) |
(Rs. In Million) |
|
Share Capital |
253.096 |
253.096 |
253.096 |
|
Reserves & Surplus |
404.583 |
599.719 |
925.116 |
|
Money received against share
warrants |
0.000 |
0.000 |
0.000 |
|
Share Application money pending allotment |
0.000 |
0.000 |
0.000 |
|
Net
worth |
657.679 |
852.815 |
1178.212 |
|
|
|
|
|
|
long-term borrowings |
0.000 |
0.000 |
0.000 |
|
Short term borrowings |
0.000 |
0.000 |
0.000 |
|
Total
borrowings |
0.000 |
0.000 |
0.000 |
|
Debt/Equity
ratio |
0.000 |
0.000 |
0.000 |
LOCAL AGENCY FURTHER INFORMATION
|
Sr. No. |
Check list by
info agents |
Available in
Report (Yes/No) |
|
1 |
Year of establishment |
Yes |
|
2 |
Constitution of the entity -Incorporation
details |
Yes |
|
3 |
Locality of the entity |
Yes |
|
4 |
Premises details |
No |
|
5 |
Buyer visit details |
-- |
|
6 |
Contact numbers |
Yes |
|
7 |
Name of the person contacted |
Yes |
|
8 |
Designation of contact person |
Yes |
|
9 |
Promoter’s background |
Yes |
|
10 |
Date of Birth of Proprietor / Partners /
Directors |
Yes |
|
11 |
Pan Card No. of Proprietor / Partners |
No |
|
12 |
Voter Id Card No. of Proprietor / Partners |
No |
|
13 |
Type of business |
Yes |
|
14 |
Line of Business |
Yes |
|
15 |
Export/import details (if applicable) |
No |
|
16 |
No. of employees |
No |
|
17 |
Details of sister concerns |
Yes |
|
18 |
Major suppliers |
No |
|
19 |
Major customers |
No |
|
20 |
Banking Details |
Yes |
|
21 |
Banking facility details |
No |
|
22 |
Conduct of the banking account |
-- |
|
23 |
Financials, if provided |
Yes |
|
24 |
Capital in the business |
Yes |
|
25 |
Last accounts filed at ROC, if applicable |
No |
|
26 |
Turnover of firm for last three years |
Yes |
|
27 |
Reasons for variation <> 20% |
-- |
|
28 |
Estimation for coming financial year |
No |
|
29 |
Profitability for last three years |
Yes |
|
30 |
Major shareholders, if available |
Yes |
|
31 |
External Agency Rating, if available |
No |
|
32 |
Litigations that the firm/promoter involved
in |
-- |
|
33 |
Market information |
-- |
|
34 |
Payments terms |
No |
|
35 |
Negative Reporting by Auditors in the
Annual Report |
No |
FINANCIAL RESULTS AS
ON 31.03.2013
The Company has earned a net profit of Rs. 325.397 Million after
tax and Rs. 92.697 Million provided for depreciation. The Company is expecting
to further increase its revenue during the current year. There were no
transfers to Reserves and Surplus account during the year
INDEX OF CHARGES: NO
CHARGES EXIST FOR THE COMPANY
FIXED ASSETS:
· Land
· Buildings
· Factory building
· Plant and equipment
· Other plant and equipment
· Furniture and fixtures
· Office equipment
· Computer equipments
· Other equipments
· Goodwill
· Computer software
· Know-how
· Commercial contractual rights
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.63.83 |
|
|
1 |
Rs.97.10 |
|
Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
PRT |
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
ART |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL
CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILITY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
|
--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 |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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DEFAULTER |
|
|
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--RBI |
YES/NO |
NO |
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--EPF |
YES/NO |
NO |
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TOTAL |
|
47 |
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.