MIRA
INFORM REPORT
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Report Date : |
21.05.2007 |
IDENTIFICATION DETAILS
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Name : |
FOURELL APPLIANCES PRIVATE LIMITED |
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Registered Office : |
8-3-1087, Plot No.48, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
17.05.1985 |
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Com. Reg. No.: |
01-5533 |
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CIN No.: [Company
Identification No.] |
U29300AP1985PTC005533 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
HYDF00023C |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturers and Exporters of Refillable Butane Candles. |
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 60000 |
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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 records. 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 : |
8-3-1087, Plot No.48, |
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Tel. No.: |
91-80-25536660 |
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E-Mail : |
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Head Office : |
144-145, Raheja Arcade, Koramangala, Bangalore-560095, |
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Tel. No.: |
91-80-25536660/ 25522965 |
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Fax No.: |
91-80-25536660/ 25522965 |
DIRECTORS
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Name : |
Mr. Vijay Ladha |
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Designation : |
Director |
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Address : |
836, 12th Main, 4th Block, Koramangala,
Bangalore-560034, |
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Date of Birth/Age : |
15.08.1959 |
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Date of Appointment : |
17.05.2005 |
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Name : |
Mrs. Sheela Ladha |
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Designation : |
Director |
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Address : |
836, 12th Main, 4th Block, Koramangala,
Bangalore-560034, |
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Date of Birth/Age : |
08.01.1961 |
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Date of Appointment : |
17.05.1985 |
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Name : |
Mr. Ganesh Das Ladha |
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Designation : |
Director |
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Address : |
302, Jawahar Marg, Indore-452004, |
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Date of Birth/Age : |
16.01.1922 |
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Date of Appointment : |
17.05.1985 |
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Name : |
Mr. G K Kabra |
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Designation : |
Director |
KEY EXECUTIVES
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Name : |
Mr. Chandrasekhar |
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Designation : |
General Manager |
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Name : |
Mr. Laxmipathy |
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Designation : |
Accountant |
MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN
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Names of Shareholders |
No. of Shares |
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Mr. Vijay Ladha |
1436 |
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Mrs. Sheela Ladha |
300 |
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Ms. Neha Ladha |
900 |
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Mr. Nipun Ladha |
500 |
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Mr. Gopikishan Ladha |
1 |
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Mr. Ganeshdas Ladha |
5 |
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Mr. Bharat Kumar Ladha |
5 |
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Mr. Sharad Kumar Ladha |
5 |
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Mr. Ashok Kumar Ladha |
50 |
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Mrs. Shobha Ladha |
100 |
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Ms. Bhanu Ladha |
50 |
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Mr. Rahul Ladha |
50 |
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Mr. Ravi Ladha |
100 |
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Total |
3502 |
All the shares are held by directors and their relatives.
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Refillable Butane Candles. |
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Products : |
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GENERAL INFORMATION
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No. of Employees : |
About 25 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Surendra Kumar Kabra Chartered Accountants |
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Address : |
3-5-378/1, |
CAPITAL STRUCTURE
Authorised Capital :
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No. of Shares |
Type |
Value |
Amount |
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5000 |
Equity Shares |
Rs.100/- each |
Rs.0.500 million |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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3502 |
Equity Shares |
Rs.100/-
each |
Rs.0.350
million |
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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0.350 |
0.350 |
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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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16.266 |
14.662 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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16.616 |
15.012 |
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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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0.000 |
0.000 |
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TOTAL BORROWING |
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0.000 |
0.000 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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16.616 |
15.012 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.738 |
2.852 |
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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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14.912 |
11.788 |
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DEFERREX TAX ASSETS |
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0.045 |
0.002 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.914 |
0.501 |
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Sundry Debtors |
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0.280 |
1.690 |
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Cash & Bank Balances |
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5.716 |
5.320 |
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Other Current Assets |
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0.000 |
0.000 |
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Loans & Advances |
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14.960 |
16.613 |
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Total
Current Assets |
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21.870 |
24.124 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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21.991 |
23.037 |
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Provisions |
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0.958 |
0.715 |
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Total
Current Liabilities |
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22.949 |
23.752 |
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Net Current Assets |
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(1.079) |
0.372 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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16.616 |
15.012 |
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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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4.260 |
3.929 |
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Other Income |
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2.886 |
2.865 |
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Total Income |
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7.146 |
6.794 |
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Profit/(Loss) Before Tax |
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1.803 |
1.769 |
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Provision for Taxation |
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0.199 |
0.273 |
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Profit/(Loss) After Tax |
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1.604 |
1.496 |
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Import Value |
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USD 197.50 |
N.A |
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Export Value |
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USD 1016.50 |
N.A |
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Expenditures : |
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Cost of Goods Sold |
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Manufacturing Expenses |
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Administrative Expenses |
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Raw Material Consumed |
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Purchases made for re-sale |
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Consumption of stores and spares parts |
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Increase/(Decrease) in Finished Goods |
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Salaries, Wages, Bonus, etc. |
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5.343 |
5.025 |
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Managerial Remuneration |
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Payment to Auditors |
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Interest |
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Insurance Expenses |
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Power & Fuel |
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Depreciation & Amortization |
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Other Expenditure |
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Total Expenditure |
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5.343 |
5.025 |
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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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22.44 |
22.01 |
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Net Profit Margin (PBT/Sales) |
(%) |
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42.32 |
45.02 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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7.32 |
6.55 |
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Return on Investment (ROI) (PBT/Networth) |
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0.10 |
0.11 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.38 |
1.58 |
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Current Ratio (Current Asset/Current Liability) |
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0.95 |
1.01 |
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Subject
is a reputed manufacturer and exporter of refillable Butane candles in
Today, candles are usually used
for their aesthetic value (especially the flame, but they are decorative even
when not burning), particularly to set a soft, warm, or romantic ambience, and
for emergency lighting during electrical power failures. This little flame is
the emblem of hope, life, truth, virtue, wisdom & in religious observance,
of the love of God.
Gone are the days when during a power cut you would have to be scampering in
the darkness to look for a messy wax candle and then try to locate a match box.
Look no further the new all in one gas
candle with its glow in the dark knob is just an arm's length away.
These candles have an automatic
ignition, needs no matchstick, making them easier to light.
Prior to the domestication of electricity, candles were common sources of lighting in addition to the oil
lamp.
Butane Candles
Leaving
the candle unattended increases
the danger because of change in flame size and distortion in the wind catches
fire to adjacent objects. This is not the case with the Fourell gas lamps
because they come with a glass chimney to protect them against the wind and
along with a stand to keep them stable.
These oil lamps use butane to
burn and use roughly 4 grams of gas per burning hour. Hence, these are
economical and easily refillable. Their capacity varies from 55 to 150 grams
and come in sturdy metallic containers, powder coated in a variety of eye
pleasing shades.
These butane candles and gas lamps are a bright gift idea, ideal for any reason in any
season. For the discerning corporate business houses, it makes a perfect gift
for trade schemes, consumer schemes annual general meetings, employee gifting,
festive gifting, anniversary gifting and all such business and personal
occasions.
Unique
Product Features
These
are brighter than conventional wax candles and do not exhibit melting and
messing. These are easy to carry and can be kept anywhere. These candle lamps come with flint based
sparker system, easily refillable in minutes using any butane refiller, lasts a life time, chimney protected flame,
luminous knob, can be customized for gifting in choice of colors printed with
logo/brand/message to suit the occasion. Candle
plus is truly what a candle should be.
Product Usage
For
those sudden powercuts, fuse blown, travel accessory, during picnics and
hiking, whenever you need bright light CANDLE
PLUS is the ultimate choice. It makes an ideal gift for all occasions,
like birthday, housewarming, anniversary, best wishes and such personal
occasions. It is practically useful and aesthetically appealing for the corporate
gifting for trade, consumer and employee. Ideal for product launches, public
relations, press meetings etc. it can be easily customized in the choice of
colors with printed logo, brand and message. Also, it is attractively packed in
individual round cartons and can be easily transported. It is easily refillable
and reusable using any butane canister available for filling lighters.
Production Facility
Their
production facility is located at Hosur, Tamil Nadu. The product is a metal
body, which is finished in-house on automatic conveyerized powder coating plant
and the assemblies are machined in-house on automatic machines. The product
goes through quality control at each stage of production. The features and
production facilities are regularly revamped to meet the quality standards.
They also make and supply customized products to suit the buyers' needs.
Their
Customer
Their
customers include individuals and coporates. The product is a must for each and
every household for those sudden moments of darkness. The convenient and no
mess Candleplus is the modern
appliance to replace the messy, diry, unsafe wax candle in each household.
Corporates,
looking for new gift ideas for their trade schemes, consumer schemes, employee
gifting, PR exercise can have customized candles
for them in their choice of shape and colour, printing and logo to make the
occasion bright anytime. No quantity is too big or too small for us. Call us
for details and samples and you would know. They have been supplying customized
candles for gifting to various
companies, viz., LIC, Coca-Cola,
Their
Candle Plus is the candle without any hassels of wax candle. Their
mission is "to provide aesthetically appealing, practically useful, easy
to use and easy to refill product for giving brighter alternative source of
light to the consumer."
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.90 |
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1 |
Rs.80.78 |
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Euro |
1 |
Rs.55.18 |
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 |
YES |
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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 |
YES |
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--AFFILIATION |
YES/NO |
YES |
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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 |
|
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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