MIRA
INFORM REPORT
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Report Date : |
05.06.2008 |
IDENTIFICATION DETAILS
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Name : |
FOAM HOME INDIA PRIVATE LIMITED |
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Registered Office : |
69, Tardeo Road, Opp. Film Centre, Mumbai – 400034, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
29.12.1989 |
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Com. Reg. No.: |
11-54803 |
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CIN No.: [Company
Identification No.] |
U17214MH1989PTC054803 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMM24018B |
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PAN No.: [Permanent
Account No.] |
AAACFI534B |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Production of Foam blocks, which is utilized for captive consumption for manufacture of mattresses, pillows and other furniture items. |
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 39740 |
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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 a well-established company having satisfactory track. Directors are reported as experienced respectable and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per commitments. The company can be considered good for normal business dealings at usual trade terms and conditions. The company can be considered normal for business dealings at usual trade terms and conditions. |
LOCATIONS
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Registered Office : |
69, Tardeo Road, Opp. Film Centre, Mumbai – 400034, Maharashtra, India |
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Tel. No.: |
91-22-4942234/ 24941053/2234/ 24952135 |
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Fax No.: |
91-22-23515337/ 24950337 |
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E-Mail : |
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Area : |
2000 Sq.ft |
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Location : |
Owned |
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Factory : |
H –30/2, MIDC, Taloja – 410208, Maharashtra, India |
DIRECTORS
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Name : |
Mr. Saifuddin Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
19.02.1925 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.12.1989 |
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Name : |
Mr. Huseni Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
19.09.1953 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.12.1978 |
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Name : |
Mr. Aijaz Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
19.01.1951 |
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Qualification : |
Graduate |
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Date of Appointment : |
29.12.1989 |
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Name : |
Mrs. Hasina Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
14.6.1952 |
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Date of Appointment : |
29.12.1989 |
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Name : |
Mrs. Fatema Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
26.06.1960 |
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Date of Appointment : |
28.06.2007 |
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Name : |
Mrs. Sugrabai Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Birth/Age : |
26.02.1935 |
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Date of Appointment : |
19.12.1989 |
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Name : |
Mr. Zainab Dawood Bahrainwala |
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Designation : |
Director |
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Address : |
10th Floor, Sagar Classic Clare Road, Byculla, Mumbai –
400008, Maharashtra, India |
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Date of Birth : |
04.02.1981 |
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Date of Appointment : |
20.10.2005 |
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Name : |
Mr. Purshottam Babar |
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Designation : |
Director |
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Address : |
Building No. 12, Flat No. 228, Samania Nagar, Kandivali, Mumbai –
400101, Maharashtra, India |
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Date of Birth/Age : |
20.02.1943 |
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Date of Appointment : |
08.12.1995 |
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Date of Ceasing : |
10.04.2003 |
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Name : |
Mr. Kirit Shah |
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Designation : |
Director |
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Address : |
10/7, St. Francis Xavier St, Henre Building, Block Chira Bazar, Mumbai
– 400002, Maharashtra, India |
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Date of Appointment : |
01.01.1999 |
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Date of Ceasing : |
10.04.2003 |
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Name : |
Mr. Ali Bhanpurwala |
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Designation : |
Director |
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Address : |
46, Khudabux Building, Mazgaon, Mumbai – 400010, Maharashtra, India |
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Date of Appointment : |
10.04.2003 |
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Name : |
Mr. Huseini Kapadia |
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Designation : |
Director |
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Address : |
60, Akbar Chambers, Flat No. 32, Mohammed Ali Road, Mumbai – 400005,
Maharashtra, India |
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Date of Birth : |
10.09.1954 |
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Date of Appointment : |
10.04.2003 |
MAJOR SHAREHOLDERS
/ SHAREHOLDING PATTERN
As on 30.09.2003
|
Names of Shareholders |
No. of Shares |
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Mr. Saifuddin Bhanpurwala |
15325 |
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Mr. Aijaz Bhanpurwala |
15325 |
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Mr. Huseni Bhanpurwala |
15325 |
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Mrs. Sugrabai Bhanpurwala |
2000 |
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Mrs. Fatema Bhanpurwala |
2000 |
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Mrs. Hasina Bhanpurwala |
2000 |
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Mr. Ali Bhanpurwala |
2000 |
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Mrs. Menaz Bhanpurwala |
2000 |
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Ms. Sabina Bhanpurwala |
2000 |
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Mr. Duraiya Bhanpurwala |
1000 |
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Mr. Zainab Bahrainwala |
1000 |
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Mrs. Shenaz Husein Kapadia |
5 |
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Mr. Zoeb Nulwala |
5 |
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Mr. Nuruddin Shihorwala |
5 |
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Mr. Asgar Lakdawala |
5 |
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Mrs. Fizza Mohsin Suratwala |
5 |
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Total |
60000 |
Equity share breakup (Percentage of total equity)
As on 31.03.2007
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Sr. No. |
Category |
Percentage |
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1. |
Directors or
relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Production of Foam blocks, which is utilized for captive consumption for manufacture of mattresses, pillows and other furniture items. |
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Imports : |
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Products : |
Foam Chemicals |
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Countries : |
v Japan v Belgium |
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Terms : |
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Selling : |
Credit ( 30 – 60 days) |
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Purchasing : |
L/C |
PRODUCTION STATUS
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Particulars |
Unit |
Installed
Capacity |
Actual
Production |
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Foam |
MT |
1200 |
165.10 |
GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers v End Users |
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No. of Employees : |
55 |
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Bankers : |
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Facilities : |
SBH – (CC) Facility Cash Credit facility against hypothecation of stock of raw material, work in progress, finished goods & guaranteed by the directors of the company |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
v M. K. Fatehi & Company Chartered Accountants Address : 30, V.V. Chadan St., 2nd Floor, Vadgadi, Mumbai – 400003 Tel No : 91-22-3446138 91-22-2185822 |
CAPITAL STRUCTURE
Authorised Capital :
|
No. of Shares |
Type |
Value |
Amount |
|
60,000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 millions |
Issued, Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
60,000 |
Equity Shares |
Rs. 100/- each |
Rs. 6.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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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 |
6.000 |
6.000 |
6.000 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
1.948 |
1.143 |
2.290 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
7.948 |
7.143 |
8.290 |
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LOAN FUNDS |
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1] Secured Loans |
5.452 |
6.791 |
4.293 |
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2] Unsecured Loans |
4.690 |
2.876 |
2.056 |
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TOTAL BORROWING |
10.142 |
9.667 |
6.349 |
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DEFERRED TAX LIABILITIES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.090 |
16.810 |
14.639 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
5.889 |
6.363 |
5.607 |
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Capital work-in-progress |
0.000 |
0.000 |
0.000 |
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INVESTMENT |
0.000 |
0.000 |
0.000 |
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DEFERREX TAX ASSETS |
0.000 |
0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
12.170
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11.953 |
9.216 |
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Sundry Debtors |
9.894
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5.902 |
5.636 |
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Cash & Bank Balances |
1.070
|
0.188 |
0.311 |
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Other Current Assets |
0.071
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0.059 |
0.059 |
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Loans & Advances |
1.418
|
1.240 |
0.713 |
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Total
Current Assets |
24.623
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19.342 |
15.935 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
11.907
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8.212 |
6.303 |
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Provisions |
0.515
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0.684 |
0.600 |
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Total
Current Liabilities |
12.422
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8.896 |
6.903 |
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Net Current Assets |
12.201
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10.446 |
9.032 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.000 |
0.000 |
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TOTAL |
18.090 |
16.810 |
14.639 |
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KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Debt Equity Ratio (Total Liability/Networth) |
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1.56
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1.24 |
0.83 |
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Current Ratio (Current Asset/Current Liability) |
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1.98
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2.17 |
2.31 |
LOCAL AGENCY
FURTHER INFORMATION
Form 8
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Name of the company |
FOAM HOME INDIA PRIVATE LIMITED |
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Presented By |
State Bank of
Hyderabad, Nariman Point Branch, Mumbai – 400021, Maharashtra, India |
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1) Date and description of instrument creating the change |
Dated 29.03.1996 a) Agreement of
hypothecation of goods assets b) Agreement of
loan for overall limit (Collectively constitute a single charge for Rs. 8.000
millions) |
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2) Amount secured by the charge/amount owing on the securities of charge |
Rs. 8.000
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 |
All the present
and future goods, book debts all other movable assets of the borrower
including documents of title to the goods outstanding monies, receivables by
way of cash assistance and /or cash incentives scheme or any other scheme
claims including claims by way of refund of customs / excise duties under the
duty drawback credit scheme or any other scheme, bills, invoices, documents,
contracts, insurance policies, guarantees, engagements, securities,
investments and rights and the present machinery listed in the schedule
hereinto and all future machinery belonging to or in possession or under the
control of the borrower wherever lying stored and kept and whether in
possession of the borrower or of the bank or of any third party whether in
India or elsewhere throughout the world (Including all such goods, other
movable assets as may be in course of shipment or transit or delivery)
(herein after reffered to as ‘the said goods and assets.’) |
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4) Gist of the terms and conditions and extent and operation of the charge. |
The bank has
right to charge interest at such rates as may be determined by the bank and has
a right to enhance the rate of interest. |
Trade References
v ONGC
v Indian Navy
Fixed Assets
v Machinery
v Furniture
v Electrical Fitting
v Delivery Van
v Motor Car
v Fire fighting Equipments
v Factory Land
v Factory Building
v Refrigerator
v Mobile Phone
v Epbax System
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. 42.63 |
|
UK Pound |
1 |
Rs. 83.40 |
|
Euro |
1 |
Rs. 65.80 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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 |
|
50 |
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 |
|