MIRA
INFORM REPORT
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Report Date : |
04.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
DURA FOAM
INDUSTRIES PRIVATE LIMITED |
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Registered Office : |
9, Kitab Mahal, 1st
Floor, 192, D N Road, Fort, Mumbai-400001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
18.12.1972 |
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Com. Reg. No.: |
11-27717 |
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CIN No.: [Company
Identification No.] |
U36104MH1972PTC027717 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMD10177G |
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PAN No.: [Permanent
Account No.] |
AAACD3817D |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
To carry on the
business of manufacturing, processing, selling, exporting, importing, or
otherwise dealing in Poly-Urethene Foam and its products. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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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 100000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a
well-established and reputed company having satisfactory track. Directors are
reported as experienced and respectable businessmen. Trade relations are reported
as fair. Business is active. Payments are usually correct and as per
commitments. The company can
be considered normal for business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
9, Kitab Mahal, 1st
Floor, 192, D N Road, Fort, Mumbai-400001, Maharashtra, India |
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Tel. No.: |
91-22-2070874/
75, 2077832 |
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E-Mail : |
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Website : |
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Factory 1 : |
123-Industrial Estate,
Pipria, Union Teretary of Dadra and Nagar Haveli |
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Tel. No.: |
91-260-2640026/2640868 |
DIRECTORS
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Name : |
Mr. Deepak M.
Doshi |
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Designation : |
Managing Director |
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Address : |
801, Everest
Chambers, Mount Pleasant Road, Mumbai-400006 |
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Date of Birth/Age : |
22.12.1944 |
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Date of Appointment : |
01.07.1993 |
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Name : |
Mrs. Shanti Doshi |
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Designation : |
Director |
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Name : |
Mr. Harshad Doshi |
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Designation : |
Director |
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Name : |
Mrs. Pallavi
Deepak Doshi |
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Designation : |
Director |
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Address : |
801, Everest
Chambers, Mount Pleasant Road, Mumbai-400006 |
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Date of Birth/Age : |
03.12.1950 |
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Date of Appointment : |
01.10.1993 |
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Name : |
Mrs. Santoshi S.
Shetty |
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Designation : |
Director |
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Address : |
B-D-9,
Gokulnandan Mousing Society, Mahakali Caves Road, Andheri (East),
Mumbai-400093 |
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Date of Birth/Age : |
03.09.1968 |
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Date of Appointment : |
01.08.2006 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
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Names of Shareholders |
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No. of Shares |
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Mr. Deepak M.
Doshi |
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153000 |
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Mr. Girish M.
Doshi |
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4900 |
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Mr. Harshad M.
Doshi |
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2500 |
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Mr. Mahendra M.
Doshi |
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3100 |
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Mrs. Pallavi D.
Doshi |
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2900 |
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Mrs. Shanti M.
Doshi |
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3500 |
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Ms. Minti D.
Doshi |
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40000 |
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Ms. Bhakti D.
Doshi |
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40000 |
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Ms. Shailee D.
Doshi |
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40000 |
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Mr. Deepak Doshi
and Mrs. Pallavi Doshi |
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38400 |
BUSINESS DETAILS
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Line of Business : |
To carry on the
business of manufacturing, processing, selling, exporting, importing, or
otherwise dealing in Poly-Urethene Foam and its products. |
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Products : |
Form products
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GENERAL
INFORMATION
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No. of Employees : |
About 10 |
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Auditors : |
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Name : |
Karnavat &
Company Chartered
Accountants, |
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Address : |
2 A, Kitab Mahal,
192, Dr. D. N. Road, Mumbai-400001, Maharashtra, India |
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Associates/Subsidiaries : |
Dura PUF
(Silvassa) Private Limited CIN No.
U2520Mh1996PTC100109 |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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450000 |
Equity Shares |
Rs.10/- each |
Rs.4.500 millions |
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50000 |
Unclassified
Shares |
Rs.10/- each |
Rs.0.500 millions |
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Total |
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Rs.5.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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398000 |
Equity Shares |
Rs.10/- each |
Rs.3.980 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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3.980 |
3.980 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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21.541 |
21.946 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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25.521 |
25.926 |
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LOAN FUNDS |
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1] Secured Loans |
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0.000 |
0.000 |
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2] Unsecured Loans |
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0.811 |
0.558 |
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TOTAL BORROWING |
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0.811 |
0.558 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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26.332 |
26.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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13.264 |
14.122 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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2.593 |
2.593 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
0.000 |
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Sundry Debtors |
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0.000 |
0.000 |
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Cash & Bank Balances |
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0.014 |
0.098 |
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Other Current Assets |
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2.626 |
2.626 |
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Loans & Advances |
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12.458 |
10.062 |
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Total
Current Assets |
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15.098 |
12.786 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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2.016 |
0.410 |
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Provisions |
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2.607 |
2.607 |
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Total
Current Liabilities |
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4.623 |
3.017 |
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Net Current Assets |
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10.475 |
9.769 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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26.332 |
26.484 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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Sales Turnover |
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0.762 |
0.754 |
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Total Income |
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0.762 |
0.754 |
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Profit/(Loss) After Tax |
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(0.405) |
(0.307) |
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Expenditures : |
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Depreciation & Amortization |
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0.858 |
0.784 |
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Other Expenditure |
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0.310 |
0.278 |
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Total Expenditure |
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1.168 |
1.062 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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(53.14) |
40.71 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.18 |
0.11 |
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Current Ratio (Current Asset/Current Liability) |
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3.26 |
4.23 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details:
Located in India, subject is a manufacturer of Polyurethane mattress. Durafoam is the best kind of Polyurethane mattress available -high density to make it durable,long-lasting and resilient enough to provide comfort to your body and support to your spine.
Products
Mattresses:
Durafoam P.U. Mattress:
It's a single piece, mattress with uniform
density all over. It 'breathes'- being made up of many, many little cells which
allow fresh air to pass through.
It’s washable too-and dries up quickly-remember its breathing cells and its
light enough to shift and move around.
Subject is the best kind of Polyutherene mattress available - high density to
make it durable and long-lasting and resilient enough to provide comfort to
body and support to spine.
Firm Support:
Durafoam mattresses are firm. It's high resilient foam supports body in this
contours. Wherever the weight of body presses on the mattress, it fights back
to support your body shape. Do this simple test - jab a finger in any Durafoam
mattress- only the finger sinks in, the rest of the mattress stays firm.
Clean n' hygienic:
Wash it, sterilize it. It's inert to water and dries up very quickly.
Fire Retardant:
Durafoam does not let fire spread nor can it be a cause of accidental fire- Makes
sleeping a much safer experience.
No odours or smells:
No insects no odors, no allergy with Durafoam.
Light 'N easy:
Store it, move it, turn it, Durafoam mattress are easy to handle. Reverse it
whenever one like
Insect free:
The one piece Durafoam mattress has no holes, layers or joints - thus no room
for insects.
Cool temperature:
Durafoam mattress breathe the pores in the mattresses are self ventilating
that's why the temperature stays uniform and cool.
Lifetime
Guarantee:
Only Durafoam comes with a 25 years guarantee. Just fill in and send us the
guarantee card on purchase, and sleep easy for years to come!
Cover
Advice:
To wash and clean, one needn't rip off the cover. Simply unzip and wash n'
change. A great help, especially with infants or elderly persons in the house.
Standard
Specification:
Density: 9 to
50
Colours: White,
Blue, Yellow, Orange, Pink (as per requirement of customers)
MM: 1 to more
than 200 mm.
Use: Their foam is good substitute for thermocoles
and cottons. It is commonly used in industries like Hotels, Railways, Shoes,
Leather, and Packing etc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.43.13 |
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UK Pound |
1 |
Rs.85.36 |
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Euro |
1 |
Rs.57.64 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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--LITIGATION |
YES/NO |
NO |
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--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
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MERIT POINTS |
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
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--EXPORT ACTIVITIES |
YES/NO |
NO |
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--AFFILIATION |
YES/NO |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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46 |
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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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