MIRA
INFORM REPORT
|
Report Date : |
12.04.2008 |
IDENTIFICATION
DETAILS
|
Name : |
FLAIR FILTRATION PRIVATE LIMITED |
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Formerly Known As : |
VARUN FLAIR FILTRATION PRIVATE LIMITED |
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Registered Office : |
415, Ansal Chambers, Bhikaji Cama Place, New Delhi – 110066 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
26.03.1997 |
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Com. Reg. No.: |
55-086135 |
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CIN No.: [Company
Identification No.] |
U51410DL1997PTC086135 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
JPRV00300G/ DELV02251E |
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PAN No.: [Permanent
Account No.] |
AAACV3323L |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer and Exporter of Industrial Filters |
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 127360 |
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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 subsidiary of UDI Mauritius Limited. Trade relations are
reported as fair. The company has been successful in wiping-off all its
previous losses during the year 2006-07. Trade relations are fair. Business
is active. Payments are reported as 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 : |
415, Ansal Chambers, Bhikaji Cama Place, New Delhi – 110066, India |
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Tel. No.: |
91-11-26712308 |
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Fax No.: |
91-11-26712309 |
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E-Mail : |
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Website : |
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Location : |
Commercial |
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Factory : |
G 72/73, RIICO Industrial Area, Mansarovar, Sanganer, Jaipur – 302020 Rajasthan, India |
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Tel. No.: |
91-141-239 6759/ 239 8154 |
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Fax No.: |
91-141- 239 5048 |
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Location : |
Industrial |
DIRECTORS
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Name : |
Mr. Amitabha Sen |
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Designation : |
Director |
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Address : |
B-1/18 Vasant Vihar, New Delhi 110 057 |
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Date of Birth/Age : |
17.11.1942 |
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Date of Appointment : |
13.10.1997 |
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Name : |
Mr. Mayank Trivedi |
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Designation : |
Whole Time Director |
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Address : |
92/78 Patel Marg, Shipra Path, Mansarovar, Jaipur 302 020 |
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Date of Birth/Age : |
01.07.1962 |
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Date of Appointment : |
07.05.1999 |
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Name : |
Mr. James Doherty (USA) |
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Designation : |
Director |
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Address : |
4647, SW 40th Avenue, Ocala, FL 34474-5779, USA |
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Date of Birth/Age : |
04.07.1946 |
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Date of Appointment : |
29.06.2000 |
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Name : |
Mr. Keith Brian Miller (USA) |
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Designation : |
Director |
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Address : |
2785, SE 45th Street, Ocala, FL 34480, USA |
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Date of Birth/Age : |
18.03.1959 |
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Date of Appointment : |
20.03.2001 |
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Name : |
Mr. James W Branwell (USA) |
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Designation : |
Director |
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Address : |
4647, SW 40th Avenue, Ocala, FL 34474-5779, USA |
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Date of Birth/Age : |
10.06.1947 |
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Date of Appointment : |
25.02.2002 |
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Name : |
Mr. Roland Wright |
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Designation : |
Director |
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Address : |
26305 Owens Lane, Freeman, MO 84748, USA |
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Date of Birth/Age : |
19.08.1956 |
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Date of Appointment : |
10.09.2005 |
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Name : |
Mr. Tony Wong |
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Designation : |
Director |
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Address : |
10520 SW 27th Avenue, Ocala – 34476, Florida, USA |
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Date of Birth/Age : |
10.06.1965 |
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Date of Appointment : |
10.09.2005 |
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Name : |
Mr. Patrick Joseph Oleary |
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Designation : |
Additional Director |
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Address : |
6524 Chipsted Lane, Charlotte NC 28277 |
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Date of Birth/Age : |
19.06.1957 |
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Date of Appointment : |
08.02.2008 |
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Name : |
Mr. Kevin Lilly |
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Designation : |
Additional Director |
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Address : |
4852 Noras Path Road, Charlotte NC 28226 |
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Date of Birth/Age : |
08.01.1953 |
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Date of Appointment : |
08.02.2008 |
KEY EXECUTIVES
|
Name : |
Mr. G B Chauhan |
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Designation : |
Financial Controller |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
(As on 10.09.2005)
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Names of Shareholders |
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No. of Shares |
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UDI Mauritius Limited |
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2019490 |
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Flair Corporation (USA) |
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10 |
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Total |
|
2019500 |
(As on 31.03.2007)
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Category |
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Percentage |
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Foreign Holding (FIIs, FCs, FFIs, NRIs, OCBs, or Others) |
|
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Industrial Filters |
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Products : |
Filter Element |
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Exports : |
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Countries : |
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Imports : |
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Countries : |
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PRODUCTION STATUS
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Particulars |
Unit |
Actual
Production |
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Filter Element |
Nos. |
207984 |
GENERAL
INFORMATION
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Customers : |
·
Chemfil
(India), Delhi ·
Jainsons
Engineering Private Limited., Gurgaon ·
Polymer
Paper Limited., Faridabad ·
Supreme
Rubber Industries, Gurgaon ·
Up to Date
Plastic & Packing Private Limited ·
Veto
Industries, Delhi ·
Best Corro
Pack, Jaipur ·
BRS Rubbers,
Jaipur ·
Iswar Metal
Industries, Jaipur ·
K D Rubber
Industries, Jaipur ·
Kush Prints
Private Limited., Bhiwadi ·
Laxmi Felts,
Jaipur ·
Metal Cast,
Jaipur ·
Mool Chand
& Sons, Jaipur ·
Pink City
Engineering & Fabricators, Jaipur ·
P P
Enterprises Private Limited., Jaipur ·
Prince
Engineering Works, Jaipur ·
Rajasthan
Foils Private Limited., Bhiwadi ·
Shivam
Products Private Limited ·
S S
Enterprises · Vijay Casting and Enggg. Works National Thermal Power Corporation Limited · Indian Oil Corporation Limited · Gail India Limited · Chamber Fertiliser · Tata Engineering |
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No. of Employees : |
70 |
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Bankers : |
·
ICICI
Limited ICICI Tower, Bandra Kurla Complex, Bandra (East), Mumbai – 400051, India · ICICI Bank Limited, New Delhi · Bank of America, New Delhi · Bank Mendes Gans nv, The Netherlands |
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Facilities : |
The subject has repaid ECB loan and interest of Euro 152,066 (after paying withholding tax on interest) to Bank Mendes Gans nv, The Netherlands |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Deloitte Haskins and Sells Chartered Accountants |
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Address : |
MCT House, One Okhla Centre, Block A, Okhla Institutional Area, New
Delhi 110 025 |
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Tel. No.: |
91-11-55622000 |
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Fax No.: |
91-11-55622011/ 5562 2012 |
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Subsidiaries/ Holding Company : |
UDI Mauritius Limited, Mauritius (A subsidiary of Flair Corporation, USA) |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
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3000000 |
Equity Shares |
Rs.10/- each |
Rs.30.000 millions |
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Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
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|
2019500 |
Equity Shares |
Rs.10/- each |
Rs.20.195 millions |
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FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
20.195 |
20.195 |
20.195 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
11.645 |
3.991 |
3.991 |
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4] (Accumulated Losses) |
0.000 |
(3.653) |
(27.909) |
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NETWORTH |
31.840 |
20.533 |
(3.723) |
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LOAN FUNDS |
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1] Secured Loans |
50.896 |
53.777 |
71.141 |
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2] Unsecured Loans |
0.000 |
0.000 |
0.000 |
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TOTAL BORROWING |
50.896 |
53.777 |
71.141 |
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DEFERRED TAX LIABILITIES |
2.146 |
0.000 |
0.000 |
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TOTAL |
84.882 |
74.310 |
67.418 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
29.620 |
27.450 |
29.101 |
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Capital work-in-progress |
0.000 |
0.000 |
0.145 |
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INVESTMENT |
0.003 |
0.003 |
0.003 |
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DEFERREX TAX ASSETS |
0.000 |
1.049 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
40.661
|
28.536 |
23.367 |
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Sundry Debtors |
39.325
|
34.595 |
26.867 |
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Cash & Bank Balances |
16.465
|
10.344 |
4.441 |
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Other Current Assets |
0.000
|
0.000 |
0.000 |
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Loans & Advances |
9.237
|
9.136 |
5.011 |
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Total
Current Assets |
105.688
|
82.611 |
59.686 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
48.169
|
35.121 |
20.126 |
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Provisions |
2.260
|
1.682 |
1.391 |
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Total
Current Liabilities |
50.429
|
36.803 |
21.517 |
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Net Current Assets |
55.259
|
45.808 |
38.169 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
84.882 |
74.310 |
67.418 |
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PROFIT & LOSS ACCOUNT
|
PARTICULARS |
31.03.2007
|
31.03.2006 |
31.03.2005 |
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Sales Turnover |
198.230 |
166.276 |
132.356 |
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Other Income |
1.583 |
4.814 |
0.643 |
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Total Income |
199.813 |
171.090 |
132.999 |
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Profit/(Loss) Before Tax |
17.605 |
22.901 |
8.892 |
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Provision for Taxation |
6.298 |
(1.355) |
0.630 |
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Profit/(Loss) After Tax |
11.307 |
24.256 |
8.262 |
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Export Value |
84.451 |
74.109 |
62.535 |
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Import Value |
64.849 |
40.042 |
38.451 |
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Expenditures : |
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Financial Charges |
2.776 |
2.556 |
2.985 |
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Depreciation |
1.836 |
1.477 |
1.432 |
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Other Expenditure |
177.596 |
144.156 |
119.047 |
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Total Expenditure |
182.208 |
148.189 |
123.464 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2007
|
31.03.2006 |
31.03.2005 |
|
PAT / Total Income |
(%) |
5.66
|
14.18 |
6.21 |
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Net Profit Margin (PBT/Sales) |
(%) |
42.60
|
13.77 |
6.72 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
13.01
|
20.81 |
10.01 |
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Return on Investment (ROI) (PBT/Networth) |
|
0.55
|
1.11 |
(2.39) |
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Debt Equity Ratio (Total Liability/Networth) |
|
3.18
|
4.41 |
(24.89) |
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Current Ratio (Current Asset/Current Liability) |
|
2.09
|
2.24 |
2.77 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8:
|
Name of the company |
VARUN FLAIR FILTRATION PRIVATE LIMITED |
|
Presented By |
Mr. Mayank
Trivedi |
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1) Date and description of instrument creating the change |
Deed of
Hypothecation Dated July 20, 2000 |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs.5.80 Millions |
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3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given |
- |
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4) Gist of the terms and conditions and extent and operation of the charge. |
- |
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5) Name and Address and description of the person entitled to the charge. |
ICICI Limited ICICI Tower,
Bandra Kurla Complex, Bandra (East), Mumbai – 400051, India |
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6) Date and brief description of instrument modifying the charge |
NA |
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7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification. |
NA |
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.94 |
|
UK Pound |
1 |
Rs.78.81 |
|
Euro |
1 |
Rs.63.05 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
45 |
This score serves as a reference to assess SC’s credit risk
and to set the amount of credit to be extended. It is calculated from a
composite of weighted scores obtained from each of the major sections of this report.
The assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|