MIRA
INFORM REPORT
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Report Date : |
16.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
FUNNY FLOUR RICE CO LTD |
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Registered Office : |
North Motorway Opp Container Park, Riche
Terre |
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Country : |
Mauritius |
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Date of Incorporation : |
16.04.1998 |
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Com. Reg. No.: |
19541 Mauritius |
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Legal Form : |
Limited Liability Company, Limited by Shares |
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Line of Business : |
Importers and Retailers of Food Products, Milk Powder etc |
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 50,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Clear |
COMPANY REPORTED
FUNNY FLOUR RICE CO
LTD
Other Trade Name FUNNY TRADERS
Principal Address
Valton road, long mountain, Mauritius
Telephone: +230-2492844-47
Fax: +230-2492846
Email: None
Internet: None
Established
16/04/1998
Registration
No. 19541 Mauritius
Legal Form
Limited Liability
Company, Limited by shares
Stock Listing
Not Listed
Workforce
2007
40
Office & Factories
Head offices North Motorway Opp Container Park, Riche
Terre, Mauritius
Branches None
Company Profile
Paid in Capital MUR. 1,000,000
Subscribed Capital MUR. 1,000,000
Shareholders
Name Position Amount
Ratio
Mr. Ajoodha
Anand Director 50.00%
Mr. Krishana
Anand Director 50.00%
Total 100.00%
Credit Opinion
Our proposed
credit amount of USD 50,000 is recommendable
Affiliated Companies
None
Management/ Directors
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President/
CEO (1) |
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Name |
Mr. Ajoodha Anand |
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Remarks |
Top Decision Maker |
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President/
CEO (2) |
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Name |
Mr. Krishana Anand |
Þ Top decision maker is the person who has the
ultimate authority or power to make important managerial decisions. He/She may
or may not be officially registered as a president or an executive director.
Business Activities
Importers & Retailers
of food Products, Milk powder etc
Terms of payment
Buying terms 30% in cash, 70% on Letters
of credit
Selling terms 80% in cash, 20% on credit
Suppliers
Gujarat Cooperative Milk Marketing Federation
Customers
stores and outlets
Recent Sales
MUR. 160,000,000
(2007)
Exports
None
Export Ratio
0.0%
Import Ratio
80.0%
Domestic Market Share
60.0%
Banking relationship
Main Banks MCB Bank
Credit Check of Subject,
President & CEO (as of report date)
Payment Morale: In the documents at our
disposal nothing adverse has been shown so far.
CREDIT RATING: Financial situation is
average.
COMMENTS
Maximum credit we recommend is USD 50,000 outstanding at any one time.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.63 |
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UK Pound |
1 |
Rs.83.76 |
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Euro |
1 |
Rs.66.49 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit transaction.
It has above average (strong) capability for payment of interest and
principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)