MIRA
INFORM REPORT
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Report Date : |
28.11.2008 |
IDENTIFICATION DETAILS
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Name : |
CRYSTAL
COOK-N-SERVE PRODUCTS PRIVATE LIMITED |
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Registered Office : |
Aji Industrial Area, Crystal Estate, 80 Feet Road, Rajkot - 360 003,
Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Date of Incorporation : |
17.11.1994 |
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Com. Reg. No.: |
04-23607 |
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CIN No.: [Company
Identification No.] |
U74999GJ1994PTC023607 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
RKTC00282C |
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PAN No.: [Permanent
Account No.] |
AAACC8588Q |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Manufacturer of
Electronic Gas Lighter, Knife, Kitchenware Household Articles. |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED
CREDIT LINE |
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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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Maximum Credit Limit : |
USD 150000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established company having satisfactory track. Financial position is good. Payments
are reported as correct and as per commitments. Trade relations are fair. The
company is doing well. The company can
be considered good for any normal dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office : |
Aji Industrial Area, Crystal Estate, 80 Feet Road, Rajkot - 360 003,
Gujarat, India |
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Tel. No.: |
91-281-2387305 /
2389132 |
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Mobile No.: |
91-281-2389131 |
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E-Mail : |
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Website : |
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Corporate
Office : |
Houseware
Distribution Network 240, Adarsh Industrial Estate, Chakala, Andheri (East),
Mumbai – 400 099, Maharashtra, India |
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Tel. No.: |
91-22-28237860 / 28350430-31 |
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Fax No.: |
91-22-28221528 |
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E-Mail : |
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Factory : |
2601, G.I.D.C. Metoda, Kalavad Road, Rajkot-360 005,
India. |
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Tel. No.: |
91-2827-287290, 287371, 287372, 287373, 287387 |
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Fax No.: |
91-2827-283375 |
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E-Mail : |
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Area : |
19400 sq. ft. |
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Location : |
Owned |
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Marketing Office: |
239 A and B, Adarsh Industrial
Estate, Sahar Road, Chakala, Andheri (East) |
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Tel. No.: |
91-22-28349916, 8350430-31,
8237860, 8617862 |
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Fax No.: |
91-22-28221528 |
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E-Mail : |
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International Head Office: |
Crystal Global 1600 Hillside Avenue, Suit # 202, New Hyde
Park, NY 11040 USA |
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Tel. No.: |
1-516-616-1114 |
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Fax No.: |
1-516-616-1511 |
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E-Mail : |
DIRECTORS
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Name : |
Mr. Madhukar
Laxman Vadodaria |
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Designation : |
Director |
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Address : |
23/3007,
University Road, Samrat Block – 40, Jalaram – 1, Raiya, Rajkot – 360 007,
Gujarat, India |
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Date of Birth/Age : |
19.05.1946 |
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Qualification : |
BE Mechanical |
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Experience : |
34 years |
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Date of Appointment : |
27.11.1994 |
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Name : |
Mr. Hemang
Madhukar Vadodaria |
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Designation : |
Director |
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Address : |
23/3007, Street
No.1, Jalaram – 1, Raiya, Rajkot – 360 007, Gujarat, India |
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Date of Birth/Age : |
23.05.1974 |
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Qualification : |
DBM (Finance) |
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Experience : |
9 years |
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Date of Appointment : |
27.11.1994 |
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Name : |
Mr. Vishal
Madhukar Patel |
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Designation : |
Director |
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Address : |
OM, University Road,
Jalaram – 1, Near Sister Nivedita School, Rajkot – 360 007, Gujarat, India |
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Date of Birth/Age : |
07.12.1976 |
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Qualification : |
MBA Marketing
(USA), BE (Mech.) |
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Experience : |
7 years |
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Date of Appointment : |
16.08.2003 |
KEY EXECUTIVES
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Name : |
Mr. Chetan R. Shah |
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Designation : |
Company Secretary |
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Address : |
809, Abhushan Complex, 17 Madhevnagar Society, Stadium Road, Ahmedabad
– 380014 |
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Phone No : |
91-79-26421657 |
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Mob No.: |
91-9328246138 |
MAJOR SHAREHOLDERS
(As on
14.09.2007)
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Names of
Shareholders |
No. of Shares |
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Laxman Madhukar
Vadodaria |
7830 |
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Laxman Madhukar
Vadodaria (HUF) |
1270 |
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Shantaben
Madhukar Vadodaria |
9100 |
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Hemang Madhukar
Patel |
9100 |
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Vishal Madhukar
Patel |
9100 |
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Nisha Hemang
Patel |
9100 |
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Rupa Vishal Patel
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9100 |
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Hemang Madhukar
Patel HUF |
85 |
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Vishal Madhukar
Patel HUF |
85 |
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Total |
54770 |
(AS ON 29.09.2007)
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Equity Share
Breakup |
Percentage of
Holding |
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Category |
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Directors or relatives of directors |
100.00 |
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Total |
100.00 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of
Electronic Gas Lighter, Knife, Kitchenware Household Articles. |
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Products with ITC Code : |
·
Electronic Gas Lighter ·
Kitchen Knives ·
Kitchen Tools ·
5-in-1 Vegetable Cutter ·
24 Pcs. Dining Table Set ·
Glass Stand ·
Roll 'N' Store ·
Castor Set ·
Serving Tong ·
Fruit Fork ·
5 Pcs Kitchen Set ·
Bottle-cum-Can Opener ·
Vegetable Grater ·
Folding Knife ·
Pizza Cutter ·
Knife-cum-Scissor Sharpner ·
Knife-cum-Peeler ·
Potato Chipser ·
Peelers cum Scrapper ·
Peeler-cum-Cheese Slicer ·
Chop 'N' Wash Tray ·
Cut 'N' Chop Board ·
Lemon Squeezer ·
Multipurpose Beater ·
Samurai Electronic Mosquito Repellent |
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Brand Name : |
“CRYSTAL” |
PRODUCTION
STATUS
(As on 31.03.2007)
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Particulars |
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Unit |
Installed Capacity |
Actual Production |
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Knives and Kitchenware Items |
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Nos. |
1800000 |
949387 |
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Lighter |
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Pcs |
3000000 |
1500000 |
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Knife |
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Pcs |
1050000 |
600000 |
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Cutlery |
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Pcs |
750000 |
450000 |
GENERAL INFORMATION
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Suppliers : |
·
Associated Road
Carrie Limited ·
Girnar
Transport Private Limited ·
Jignesh
Refrigeration ·
Jay
Vishwakarma Engineering Works ·
Murlidar
Polymers – Rajkot ·
Mehta Alloys
Private Limited ·
Ceram Tech
Exports ·
Nikko
Boekikaisha Limited ·
Satish Steel
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Customers : |
·
Ambika Vasan
Bhandar ·
Charan
Enterprises ·
Ghetiya
Export India Private Limited ·
Gupta
Agencies ·
Jay Jalaram
General Stores (Rangeela) ·
Canteen
Stores Department ·
Pantaloon
Retail India Private Limited (Big Bazar) ·
Great
Wholesale ·
Institutional
Sale ·
Glaxo India
Limited ·
Jindal
Drilling and Industrial Limited ·
Cipla ·
IPCL ·
State Bank ·
ALKEM ·
Saheli ·
MDH ·
Ranbaxy
Laboratories Limited ·
BASF India
Limited ·
Herbertsons
Limited Corporate
Clients ·
Procter and
Gamble India Limited ·
Coca Cola
Limited ·
Herbertsons
Limited ·
Glaxo India
Limited ·
Shaw Wallace
and Company Limited ·
Roche
Products Limited ·
Hindustan
Cocoa Products Limited ·
Hoechst
India Limited ·
BASF India
Limited ·
Glenmark
Pharmaceuticals Limited ·
Ranbaxy
Laboratories Limited ·
Herdillia Chemicals
Limited ·
Jindal
Drilling and Industries Limited ·
SRF Limited ·
Bharat
Petroleum Corporation Limited ·
Goodlass
Neorlac Paints Limited ·
Indian Oil
Corporation Limited ·
Indian
Airlines ·
MDH ·
Saheli ·
State Bank
of India ·
Cipla ·
ALKEM ·
IPCL ·
Wockhardt ·
Parkedavis (India) Limited ·
Phzer |
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No. of Employees : |
About 400 |
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Bankers : |
·
State Bank
of Saurashtra, Mumbai ·
Indian
Overseas Bank, Mumbai (Chakala) ·
ICICI Bank
Limited ·
Central Bank
of India ·
HDFC Bank
Limited, Mumbai ·
HDFC Bank
Limited, New Delhi ·
The Co-Op
Bank of Metoda |
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Facilities : |
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Banking Relations : |
Good |
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Auditors : |
Gadhia
Karachiwala and Company Chartered
Accountants |
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Address : |
307, “Hira
Panna”, 3rd Floor, Dr. Yagnik Road, Rajkot 360 001, Gujarat, India
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Tel. No.: |
91-2081-2460806 /
2451075 |
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Sister Concerns : |
·
Kitchenware
India ·
Kitchenware Appliances
·
Aerochem
Electronics ·
Houseware
Distribution Network |
CAPITAL STRUCTURE
Authorised
Capital :
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No. of Shares |
Type |
Value |
Amount |
|
100000 |
Equity Shares |
Rs.100/- each |
Rs.10.000 millions |
Issued,
Subscribed & Paid-up Capital :
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No. of Shares |
Type |
Value |
Amount |
|
54770 |
Equity Shares |
Rs.100/- each |
Rs.5.477 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
5.477 |
5.477 |
5.477 |
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2] Share Application Money |
0.000 |
0.000 |
0.000 |
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3] Reserves & Surplus |
24.669 |
22.891 |
17.592 |
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4] (Accumulated Losses) |
0.000 |
0.000 |
0.000 |
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NETWORTH |
30.146 |
28.368 |
23.069 |
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LOAN FUNDS |
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1] Secured Loans |
20.597 |
22.480 |
23.552 |
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2] Unsecured Loans |
10.202 |
6.118 |
12.060 |
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TOTAL BORROWING |
30.799 |
28.598 |
35.611 |
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DEFERRED TAX LIABILITIES |
0.527 |
0.733 |
0.804 |
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TOTAL |
61.472 |
57.699 |
59.484 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
28.459 |
31.113 |
30.219 |
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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 |
32.416
|
31.298
|
21.888 |
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Sundry Debtors |
7.490
|
9.159
|
19.136 |
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Cash & Bank Balances |
0.570
|
0.548
|
0.468 |
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Other Current Assets |
0.000
|
0.000
|
0.000 |
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Loans & Advances |
4.747
|
2.823
|
2.256 |
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Total Current Assets |
45.223
|
43.828
|
43.748 |
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Less
: CURRENT LIABILITIES & PROVISIONS |
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Current Liability |
8.460 |
11.341 |
10.394 |
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Provision |
3.750 |
5.917 |
4.121 |
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Total Current Liabilities |
12.210
|
17.258
|
14.515 |
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Net Current Assets |
33.013
|
26.569
|
29.233 |
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MISCELLANEOUS EXPENSES |
0.000 |
0.016 |
0.032 |
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TOTAL |
61.472 |
57.699 |
59.484 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
93.827 |
96.022 |
94.358 |
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Other Income |
0.820 |
1.438 |
0.000 |
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Total Income |
94.647 |
97.460 |
94.358 |
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Profit/(Loss) Before Tax |
2.540 |
7.530 |
4.483 |
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Provision for Taxation |
0.764 |
2.213 |
0.622 |
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Profit/(Loss) After Tax |
1.776 |
5.317 |
3.861 |
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Expenditures : |
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Purchase Trading |
1.930 |
1.949 |
NA |
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Manufacturing Expenses |
6.770 |
10.601 |
NA |
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Excise Expenses |
(0.321) |
4.253 |
NA |
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Raw Material Consumed |
41.894 |
41.746 |
NA |
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Selling and Administrative Expenses |
27.617 |
27.705 |
NA |
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Increase/(Decrease) in Finished Goods |
0.908 |
(7.950) |
NA |
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Salaries, Wages, Bonus, etc. |
5.237 |
4.911 |
NA |
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Finance charges |
3.356 |
2.487 |
NA |
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P and P Expenses W/O |
0.016 |
0.016 |
NA |
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Power & Fuel |
1.386 |
1.177 |
NA |
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Depreciation & Amortization |
3.314 |
3.035 |
3.328 |
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Other Expenditure |
0.000 |
0.000 |
86.547 |
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Total Expenditure |
92.107 |
89.930 |
89.875 |
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KEY RATIOS
|
PARTICULARS |
|
31.03.2008 |
31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
1.88
|
5.46 |
4.09 |
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Net Profit Margin (PBT/Sales) |
(%) |
2.71
|
7.84 |
4.75 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
3.45
|
10.05 |
6.06 |
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Return on
Investment (ROI) (PBT/Networth) |
|
0.08
|
0.27 |
0.19 |
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Debt Equity Ratio (Total
Liability/Networth) |
|
1.43
|
1.62 |
2.17 |
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Current Ratio (Current
Asset/Current Liability) |
|
3.70
|
2.54 |
3.01 |
LOCAL AGENCY FURTHER INFORMATION
Operations
The turnover during
the year is Rs.93.827 millions against the turnover of the previous year
Rs.96.022 millions. The Turnover of the Company decrease by 2.28% as per
reported accounts against the turnover of the previous year. The company has
done segment sales and products mix sales in the year by introducing serving
range, cutlery sets and gift set and Non stick.
The Company has
made net profit of Rs.1.776 millions as against the net profit of the previous
year Rs.5.317 millions. Thus there is decrease in profits for the year as
compared to the previous year. The Directors have tried to reduce the cost yet
the raw material cost is increase drastically not for the company but in
overall economy and the resultant in to decrease in the Profit. Further the Director’s
has taken good step to maintain the good amount of Profit with Inflation and
heavy competition in the Market.
In view of the
above facts the Directors are of the opinion that Company’s performance will be
very much encouraging in the next year.
Fixed Assets
·
Factory Land
·
Factory
Building
·
Residential
Flat
·
Plant and
Machinery
·
Electrical
Fittings
·
Dies and
Patterns
·
Furnitures
·
Vehicles
·
Computers
·
Fax
·
Pager
·
Bus
·
Telephone
Instruments
·
Office
Equipment
·
Air
Conditioner
ISO 9001-2000 :
The Company has
received an ISO 9001 Certificate from TUV, American for Implementing quality
management system under the new 2000 standards.
It is in trade
terms with :
·
Drishty
Communication Private Limited
·
Happenings
Advertisement Private Limited
·
Inland Road
transport Private Limited
·
Jai
Vishvakarma Engraving Work
·
Kavery Hotels
Private Limited
·
Million
Die-O-Farm Limited
·
Nikki Travels
and Tradelinks
·
Nitco Roadways
Private Limited
·
Patel Roadways
Limited
·
Printwell
Multicolour Private Limited
Bankers Charges
Report as per Registry
Name of the Company : Crystal Cook-N-Serve
Products Private Limited
Presented by : -- Mr. Hemang M Patel, Director
|
1. Date and
description of the instrument creating or evidencing the charge
|
30.01.1999 SIB – 4 agreement
of hypothecation of goods, book debts, movable and other assets Rs. 16.800
millions. SIB – 5
hypothecation of goods, movable and other assets. SIB – 6 for
working Capital SIB – 9 Letter of
Credit, guarantee Rs. 12.000 millions. SIB – 2 general
agreement for fund based limit 16.800 millions and non fund based limit of
Rs. 12.000 millions = Rs. 28.800 millions.
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2. Amount secured
by the charge /amount owing on security of the charge |
Rs. 28.800
millions |
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3. Short
Particular of the property charged. If the property acquired is subject to
change date of acquisition of property should be
given
|
All movable
assets of company including book debts, receivables and claims including
inventory of any form |
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4. Gist of the
terms and conditions and extent and operation of the charge. |
Rate of Interest
: 15.81% Repayment :
repayable on demand Margin : upto 50% Type of Charge :
hypothecation charge dues are liquidated in full. |
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5. Names, address
and description of the persons entitled to charge |
State Bank of
Saurashtra SSI Branch, Near
Gurukul Gondal Road, Rajkot 360 002, Gujarat, India |
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6. Date and brief
description of instrument modifying the charge |
Supplemental general
agreement for hypothecation of goods, book debts movable and other assets
dated 13.05.2005. |
|
7. Particular of
modification specifying the terms and conditions or the extent
or operation of the charge in which modification is made and the details of modification |
Earlier Modification : Modified by
agreement for second charge dated 30.01.1999 Further modified
by memorandum of entry dated 31.03.2003 for converting second charge of the
immovable properties of the company to first charge to secure aggregated
financial assistance of Rs. 26.800 millions. Further modified
by letter of hypothecation against machinery as collateral security to
secured the term loan dated 13.08.2004 executed by the company in favour of
State Bank of Saurashtra. Further Modification : The immovable
properties of the company situate, lying and being at Plot No 2601, 2602 and
2603 in Lodhika Industrial Estate, Lodhika, District Rajkot continue as securely
for the due repayment of FCNR (B) demand Loan Rs. 7.500 millions granted to
the company by State Bank of Saurashtra. The Charge on immovable assets of
the company is enhanced to secured the FCNR Demand Loan of Rs. 7.500 millions
making total limit of Rs. 34.300 millions. Provided further
that financial assistance the charge created on the immovable assets of the
company is also extended to collaterally secured the collowing limit granted
by State Bank of Saurashtra to the following firms. Kitchenware India
– Bank Guarantee – Rs. 2.200 millions Aerochem
Electronics – Bank Guarantee – Rs. 1.300 millions Houseware
Distribution Network – Bank Guarantee and L/C – 1.500 million and 1.500
millions respectively. Save and except
all the terms and conditions remains unaltered and uncharged. Current Modification : Supplemental
general agreement for hypothecation of goods, book debts, movable and other
assets dated 13.05.2005, the charge created by hypothecation of goods to
secured aggregate limit of Rs. 34.300 millions is extended to secure adhoc
cash limit of Rs. 2.000 millions sanctioned to the company by State Bank of
Saurashtra save and except no other modification proposed. Now the total
charge will be for Rs. 36.300 millions.
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This form is for |
Modification of
charge |
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Charge
identification number of the modified
|
90101905 |
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Corporate
identity number of the company |
U74999GJ1994PTC023607 |
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Name of the
company |
CRYSTAL
COOK-N-SERVE PRODUCTS PRIVATE LIMITED |
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Address of the
registered office or of the principal place of business in India of the company |
Aji Industrial
Area, Crystal Estate, 80 Feet Road, Rajkot - 360 003, Gujarat, India |
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Type of charge |
·
Book Debts ·
Immovable
Property ·
Movable
property (nor being pledge) ·
Others o
Plant and
Machinery |
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Particular of
charge holder |
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Nature of
description of the instrument creating or modifying the charge |
Supplementary
Letter of hypothecation of goods, book debts, movable machineries and other
assets dated 20.07.2007 Confirmatory
letter dated 20.07.2007 |
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Date of
instrument Creating the charge |
20.07.2007 |
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Amount secured by
the charge |
Rs.38.950
Millions |
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Brief particulars
of the principal terms an conditions and extent and operation of the charge |
·
Rate of
Interest As prescribed by the bank ·
Terms of
Repayment As prescribed by the bank ·
Margin As prescribed by the bank ·
Extent and
Operation of the charge The charge shall operate as a first and exclusive charge in favour of
State Bank of Saurashtra, SSI branch, Rajkot |
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Short particulars
of the property charged |
Hypothecation of
company’s all movable assets like stock in any form, book debts, plant and
machinery and other current assets to secure the hypothecation charge of
Rs.31.300 Millions for FB working capital limit and NFB limit. E. mortgage of
company’s immovable property situated at factory land and building at plot
no. 2601, 2602, 2603 in Lodhika industrial estate in S. No. 52 and 53 within
the village limit of Vad (Vajadi) to secured the total charge of Rs.38.950
Millions |
As Per Web :
Today's household hardly needs an introduction to CRYSTAL - a name which has become
synonymous with the modern kitchen. The reason for this reputation is subject’s ability to keep pace with
the changing times, continuously providing modern housewife's needs and
fulfilling them by high standard of innovative products that subject has set since 1971. Once known
for its quality Gas Lighters, today subject
manufactures a wide range of Kitchen Appliances.
Corporate Growth Profile – Milestones
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1970 |
: |
Mr.Madhukar Vadodariya graduates from Vidyanagar Anand as
a Mechanical Engineer. He rejects a USA scholarship from an esteemed
university to pursuer his dreams to become a successful entrepreneur in India. |
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1971 |
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Mr.Madhukar Vadodariya invents flint stone gas lighter.
For the Indian consumers this was a new concept product. Gas stove was also a
new concept product for the Indian households. Around that time people only used
match sticks to light the stove. Gas lighter a new concept product was
developed to suit the Indian Consumers. Flint stone Gas lighter production
started. |
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1972 |
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Mr. Madhukar Vadodariya envisioned a sizeable industry and
started the production of an indigenous gas lighter. His aim was to setup a
company manufacturing International quality products for the Indian
Consumers. |
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1973 |
: |
Since this was a new concept product marketing was a tough
task. Mr.Madhukar Vadodariya himself marketed the gas lighter door to door
all across India. |
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1974-76 |
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Company increases production to meet all India capacity. |
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1977 |
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New Factory setup in Rajkot at Aji Industrial Estate along
with an administration office. |
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1978 |
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Gas lighters become a daily use product for the Indian
Consumers. Distributors appointed all over India. |
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1979 |
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Company sets up a marketing office in Mumbai. |
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1982 |
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There is an innovation in the Gas Lighters and instead of
the flint stone a new Piezo electronic gas lighter is developed. This new piezo
system is more durable than the flint stone since there is no consumption of
fuel or electricity.This new gas lighter becomes more convenient &
economical for the Indian consumers. The new Piezo electronic gas lighter is
introduced in India under the Crystal brand. Crystal becomes the pioneer of
piezo electronic gas lighter in India. Crystal brand becomes highly popular
among the Indian households. |
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1983 |
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Crystal brand Piezo electronic gas lighter is advertised highly
in the news papers and electronic media. New gas lighter models added
ABS,SL,Arito . |
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1984 |
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Crystal brand becomes very popular. Crystal introduces
Surgical Stainless steel kitchen knife. The blade of the knife is manufactured
from AISI420 Grade Japanese Stainless Steel which is hardened and tempered to
make the product more perfect and equivalent to international quality
standards. Special shapes and sizes launched to suit the Indian cooking. Eg.
Vegetable knife, bread knife,chopper ,butcher knife etc. |
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1987 |
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Crystal becomes highly popular brand in the Indian
households. Crystal launches full stainless steel balanced Cutlery/Flatware. Full
range from coffee spoon, tea spoon, desert spoons ,soup spoons, forks, knives
etc to serving spoons manufactured to serve the esteemed clientele. |
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1989 |
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Market survey and our esteemed clientele inform us that there
is a vacuum of availability of quality modern kitchenware products in India.
Crystal launches modern kitchenware products like bottle openers, potato
slicer, chilly cutter, tongs etc across India. |
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1992 |
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Crystal Group fore rays an expansion in the household
section. Crystal launches “Samurai “branded Mosquito repellents under the
tech know how of Sumitomo Japan. Japanese machinery is imported for the
manufacturing of mat, liquid and electronic machines. |
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1999 |
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Crystal factory shifted to Metoda. The new plant located
at Metoda GIDC has 30,000 sq yard area with 80,000 sq feet production plant
area. It is designed by special industrial architects by carefully studying the
complete raw material process flow and manufacturing processes of all the
products. In house fully functional and dedicated Research & development
department along with quality control department is planned.Crystal is
honored as it is appointed as the sole all India distributor by Correlle Ltd
USA. Our associated unit Ohm house hold functions as the national distributor
for the Indian market. |
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2000 |
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Crystal launches Correlle, corningware, visions and pyrex brands
of Corning Inc USA all across India. |
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2001 |
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Crystal launches Waves range of premium end balanced
Cutlery. |
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2002 |
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Crystal launches new economic ranged Sprinkle and sleek designed
flatware / Cutlery specially for the Indian consumers. |
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2003 |
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Crystal introduces high end Borgonovo brand Italian
glassware in the Indian Market. |
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2004 |
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Crystal launches special kitchen tools designed specially
to suit the Indian cooking. Juicer,chilly cutter,pepper grinder,coconut
scrapper,sprouter etc launched. |
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2005 |
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Crystal introduces the economic serving range in sleek design.
Special curved arc handle designed to suit the Indian cooking. Small, medium,
regular and large serves total 28 serving products launched.Crystal launches
Long Series Gas Lighter. Li-007,LI-008,LI-009 specially for the hotel and
industrial use.Crystal launches complete range of peelars – fruit peelar,
super veg swivel peeler, sleek veg peeler cum scrapper, peeler cum apple
corer. |
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2006 |
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Crystal launches high end designer cutlery sets with
stand. Total 8 sets named Handy,Trendy,Fancy,Fuzzy,Oscar,Oasis,Regent,Elegent,Steelage
and Vintage launched all India |
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2007 |
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Crystal Groups marks a new expansion as it for rays in the
Cookware range. Crystal launches High End 3 Coat Platinum Teflon coated Non Stick
Cookware under the tech know how of Dupont USA. Crystal becomes a certified
licensee of Dupont USA. All cookware manufactured by Crystal conform to
international standards. |
Diversification AND Expansion :
PHASE I
CRYSTAL
KITCHEN KNIVES :
Two
Years Later In 1984, Company Found There Was A Need For Quality Kitchen Knives.
Company Became The Pioneer In Manufacturing Stainless Steel Kitchen Knives
Under The Brand Name "CRYSTAL" . The Knives Are Made Of High Quality
Surgical Stainless Steel, The First Of Its Kind To Be Manufactured In India.
In
1994, A New Laser Edge Range Of Knives With Latest Technology Had Been Added To
The Knives Series. Today The Company Has A Wide Range Of Over 108 Knives In
Different Sizes & Shapes For Different Purposes Which Happens To Be The
Widest Range In The Existing Knife Market. "CRYSTAL" Enjoys The
Monopoly In The Organised Sector.
PHASE II
CRYSTAL
KITCHEN AIDS AND CUTLERY :
In 1987,M/S Kitchenware India Was Established In Rajkot To Manufacture
Exquisite Range Of Modrn Kitchen Aids And Cutlery Items Of International
Standards. With The Established Marketing Set-Up, The Products Were
Introduced and Were Well Accepted in The Domestic and International
Markets.
Research
and Development For New Kitchen Aids and Cutlery Items, Modifications and
Improvements Are Continuously Made In All The Products Currently Manufactured.
The Products Confirm To Standard Specifications and Compete With Any
International Standards.
PHASE
III
SAMURAI
MOSQUITO REPELLENT MACHINES AND MATS :
In
1989, Company Found Mosquito Repellent Industry Enjoying A Great Growth
Potential and Decided For 3rd Phase Of Expansion/Deversification. A Unit Under
The Name Of M/S Aero Chem Electronics Was Set-Up At Veraval(Rajkot) To
Manufacture And Market "SAMURAI" Brand Of Mosquito Repellents and
Mats.
For Manufacturing Of Mats The Company Entered Into A Technical Know-How
"Tie-Up" Arrangement With M/S Sumitomo Corporation, Japan-The World
Leaders In Chemicals.
Phase IV
IN 2006, A NEW
FACTORY BY THE NAME OF CRYSTAL GLOBAL ESTABLISHED AT BADDI IN HIMACHAL PRADESH.
To increase the production capacity of selected products a
new plant is established by the name of Crystal Global. This newly found
company manufactures gas lighters and other kitchen Aid Products
Phase V
In 2007,Crystal Groups marks new expansion as
it for rays in the Cookware range.
Subject launches High End 3 Coat Platinum Teflon coated Non Stick Cookware under
the tech know how of Dupont USA. Crystal becomes a certified licensee of Dupont
USA.
All cookware manufactured by Crystal conform to international standards.
Quality
Subject has introduced and applied
a (QSM) an ISO 9002 - Quality System Management for Manufacturing and
Marketing various range of Kitchenware Products
Crystal subsequently obtained an ISO 9002 Certificate from RWTUV-Germany,
covering all specified regulations required under ISO 9002 : 1994 Article.
Crystal's
Quality System Management Manual provides all details about quality Measures
and its implementations through inspection plans, procedures, calibration of
standards and different methods of testing.
All inspection and tests are carried-out by the Quality Control Department depending
on the application, technical requirement and customer's specification. Variety
of specific inspections and tests are carried-out at deferent process by
experienced and qualified staff to ensure that the high quality standard is
maintained.
All finished products are despatched after all the procedures mentioned in
Quality Management System Manual satisfactorily completed with all required
specifications and documents.
Quality, Competitive Price and New Product Developments form an integrated part
of Crystal's achievements to establish as one of the India's ISO 9002 Pioneer
Companies reputed in manufacturing and marketing various unique range of
Kitchenware Products since last three decades.
Modern Retail Clientele
They are present in
all the 3 kinds of leading chain store markets across
India .
·
Cash and Carry business - For eg metro
cash and carry etc.
·
Hyper Markets - Big Bazaar, Spencers,
Reliance, Aditya Birla, Shop-rite, Vishal mart, D-mart etc
·
Super Markets- Food bazaar,Food
world,Spencers,More etc
Marketing Network:
Marketing Organization
Subject Marketing Services co-ordinates marketing
activities, Sales, Sales Promotion, Advertising, etc. for the entire range of
products manufactured by the Crystal Group.
The sales promotion and advertising that form a Major marketing sector is
looked after by their Mumbai office. Company's accredited advertising agency is
Everest Advertising Private Limited, Mumbai.
The marketing Division is managed by professional personnel who take an active
part in developing the markets throughout the Country. The Company has an
established infra-structure for marketing, with a network of 12 Branches
located all over the Country. Crystal has achieved ISO 9002 Certificate from
RWTUV , Germany.
India's Northern Regional market is managed by their Marketing Office at New
Delhi. The 14 Branches/Sales depots located in the different States of India
supply goods to distributors to all corners of the Country.
Marketing
Segments
Company's business comes from four market
segments namely :
·
Trade Sales
·
Institutional Sales
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C.S.D. Sales
·
Export Sales
TRADE SALES :
Crystal products are distributed to the trade and the consumers through
Company's Depots, located all over the country. At present there are 12 C &
F Depots located in different States of India, who cater to approx. 1000
distributors. These distributors supply goods to approx. 1,25,000 dealer
outlets who sell the Crystal Products to the consumers.
INSTITUTIONAL SALES :
Company has various Corporate Customers all over the Country thus increasing the numbers day by day. Crystal Products are also patronised by Corporate Sector for brand Launch, Sales Promotion Schemes, Give Aways, Complimentary Gifts, Conference/meeting Gifts, etc. to name a few.
C.S.D. SALES :
Company is enlisted with Ministry of Defence Centralized
Purchase Departments of Army, Navy and Air Force to supply Crystal range of
Kitchenware Items.
EXPORT SALES :
Crystal's aim in manufacturing Kitchenware Items of
International standard has secured a place as one of the pioneer companies
exporting Crystal range of Kitchenware Items. Crystal's exports cover the major
markets of Middle East, Mauritius and is extended as far as Canada. The Middle
East Marketing Area covers the Countries like Kuwait, U.A.E., Bahrain, Qatar,
and Sultanate of Oman.
Maintaining the Customer Satisfaction Parameters for new
Products, timely delivery schedule, high quality, and right Price are Crystal's
achivements for securing and remaining as one of the top marketing Company as
on date.
Promoter's
Profile :
Crystal
Group Of Companies Was Founded In 1971 By An Innovative Entrepreneur Mr. Madhukar Patel, A Mechanical Engineer. He Started A Small
Manufacturing Unit At Rajkot (Gujarat)-INDIA.
Corporate
Growth Profile :
CRYSTAL GAS LIGHTERS :
In
1971, They Felt That There Was No Organized Manufacturer In The Gas Lighter
Industry In India. They Started Manufacturing Flint Stone Lighters - Mechanical
Lighters.
In 1978, They Brought A New Concept Of Electronic Gas Lighters To India
Starting Research For Manufacturing and Marketing Of Crystal Brand
Electronic Gas Lighters. The Aim Was To Make Available To The Indian Consumer
Electronic Gas Lighters As Good As Those Available At Major International
Markets.
In 1982, "CRYSTAL" Became The Market Leader In The Electronic Gas
Lighter And Has Maintained That Position Since Then.
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 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.49.85 |
|
UK Pound |
1 |
Rs.76.60 |
|
Euro |
1 |
Rs.64.68 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
7 |
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OPERATING SCALE |
1~10 |
7 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
7 |
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--LIQUIDITY |
1~10 |
7 |
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--LEVERAGE |
1~10 |
7 |
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--RESERVES |
1~10 |
7 |
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--CREDIT LINES |
1~10 |
7 |
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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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
63 |
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 |
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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 |
|
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 |
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