MIRA
INFORM REPORT
|
Report Date : |
17th
June, 2006 |
IDENTIFICATION
DETAILS
|
Name : |
INNOVATIVE ARTS |
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Registered Office : |
P. No.
53, Sector – 59, HSIDC, Faridabad – 121004, Haryana |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
1994 |
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IEC No.: |
0505059711 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturer
of Instrument Pointers & other Injection moulded plastic parts |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD
10000 |
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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 small concern in its field. Proprietor is reported as experienced,
respectable and having satisfactory means of her own. Trade relations are
fair. Payments are usually correct and as per commitments. The
concern can be considered for normal business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office/ Factory : |
P. No.
53, Sector – 59, HSIDC, Faridabad – 121004, Haryana |
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Tel. No.: |
91-129-2307050 |
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Mobile No.: |
91-9810729040 |
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Fax No.: |
91-129-4154050 |
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E-Mail : |
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Area : |
3000
sq. fts. (Owned) |
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Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mrs.
Sangeeta Rathi |
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Designation : |
Proprietor |
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Address : |
H. No.
1172, Sector 7D, Faridabad 121004, Haryana |
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Date of Birth/Age : |
36
years |
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Qualification : |
Graduate |
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Experience : |
10
years |
KEY EXECUTIVES
|
Name
: |
Mr.
Rajiv Rathi |
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Designation
: |
Chief
Executive Officer |
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Address
: |
H. No.
1172, Sector 7D, Faridabad 121004, Haryana |
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Date
of Birth/Age : |
36
years |
|
Qualification
: |
Graduate |
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Experience
: |
10
years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer
of Instrument Pointers & other Injection moulded plastic parts |
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|
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Exports to : |
South
Africa |
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Terms : |
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Selling : |
Credit
(30 days) |
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Purchasing : |
Credit
(30-60 days) |
PRODUCTION
STATUS
|
Particulars |
Unit |
|
Installed Capacity |
Actual Production |
|
Instrument Pointers |
Nos. |
|
1,50,00,000 |
1,00,00,000 |
GENERAL
INFORMATION
|
Customers : |
OEM’s |
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No. of Employees : |
30 |
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Bankers : |
Vijaya
Bank, Ballabgarh, Haryana |
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Facilities : |
Credit
Limit: Rs. 1.000 million |
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Banking Relations : |
Satisfactory |
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Auditors : |
Arvind
Gupta & Associates Chartered
Accountants |
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Address : |
202/203,
Om Shubham Plaza, Sco 90-91, Sector 16, Faridabad |
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Mobile No.: |
91-9811086282 |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
0.600 million |
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Borrowed : |
Rs.
1.650 millions |
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Total : |
Rs.
2.250 millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
17.300 |
13.100 |
10.500 |
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Profit/Loss for the year |
0.410 |
0.386 |
0.316 |
ABRIDGED
BALANCE SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2005 |
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SHAREHOLDERS FUNDS |
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|
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1] Share Capital |
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|
0.525 |
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2] Share Application Money |
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|
0.000 |
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3] Reserves & Surplus |
|
|
0.000 |
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4] (Accumulated Losses) |
|
|
0.000 |
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NETWORTH |
|
|
0.525 |
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LOAN FUNDS |
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1] Secured Loans |
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|
1.891 |
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2] Unsecured Loans |
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|
0.662 |
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TOTAL BORROWING |
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|
2.553 |
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DEFERRED TAX LIABILITIES |
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|
0.000 |
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TOTAL |
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3.078 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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2.974 |
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Capital work-in-progress |
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|
0.000 |
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INVESTMENT |
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|
0.000 |
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DEFERREX TAX ASSETS |
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|
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
|
|
0.377 |
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Sundry Debtors |
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|
2.849 |
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Cash & Bank Balances |
|
|
0.073 |
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Other Current Assets |
|
|
0.086 |
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Loans & Advances |
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|
0.365 |
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Total Current Assets |
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|
3.750 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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|
3.688 |
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|
Provisions |
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|
0.000 |
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Total Current Liabilities |
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|
3.688 |
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Net Current Assets |
|
|
0.062 |
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MISCELLANEOUS EXPENSES |
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|
0.042 |
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TOTAL |
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|
3.078 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2005 |
|
Sales Turnover [including other income] |
|
|
8.392 |
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Profit/(Loss)
Before Tax |
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|
0.386 |
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Provision
for Taxation |
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|
0.000 |
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Profit/(Loss)
After Tax |
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|
0.386 |
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Total
Expenditure |
|
|
1.851 |
KEY
RATIOS
|
PARTICULARS |
|
|
|
31.03.2005 |
|
PAT / Total Income |
(%) |
|
|
4.60 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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|
4.60 |
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Return
on Total Assets (PBT/Total
Assets} |
(%) |
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5.74 |
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Return
on Investment (ROI) (PBT/Networth) |
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|
0.74 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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11.89 |
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Current
Ratio (Current
Asset/Current Liability) |
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|
1.01 |
LOCAL AGENCY
FURTHER INFORMATION
TRADE
REFERENCES:
- JNS Instruments, Plot No. 4,
Sec – 3, JMT Manesar, Gurgaon
Tel.: 91-124-2290732
Contact Person: Mr. Madan
- Indication Instruments, Plot
No. 19, Sec – 6, Faridabad
Tel.: 91-129-4061071
- Goldwyn Limited, E-20, SDF,
NEPZ, Noida, Uttar Pradesh
Tel.: 91-120-2568537
Contact Person: Mr. Ajay Goel
WEBSITE
DETAILS ATTACHED:
About us
The
concern is a decade old manufacturing and exporting company dealing in
Pointers and Plastic Moulded Components for Dash-board Instruments.
The rich experience in Printing / Moulding makes the company useful participants in the endeavors. The Instrument cluster consists
of various independent instruments and warning indicators integrated into one
assembly. The Instrument Clusters are commonly combinations of Speedometer,
Tachometer, Fuel gauge, Temperature gauge and various Warning Indicators and
our chief business is to supply Instrument Pointers & Warning
Indicators.
Products
A leading manufacturer and exporter of Plastic auto components and
instrument pointers.
Clientèle
At present their main customers in India are:
1.
Indication Instruments (Mfg. Dash-board Instruments under the brand name
of Veethree, V&R and Rainbow)
2.
Autometer Alliance Limited (Mfg. Tachographs for Indian Railways)
3.
Goldwyn Limited (100% EOU Mfg. Electrical switches for automobiles)
4.
LML Limited
5.
Tafe Access Ltd.
6.
Suprajit Engg. Ltd.
7.
Minda Stoneridge Instruments Ltd.
8.
JNS Instruments Ltd.(A jointventure with Nippon Sieki Japan)
Infrastructure
The subject has a
well equipped infrastructure to manufacture the entire product starting from
Pointers punching, Hot-stamping/ moulding, pad printing and spray painting all
under one roof.
Certifications
The subject are an ISO 9001:2000 certified company,
certified by "Quality Certification Bureau Inc."
Services
Central to the business is the satisfied customer and
hundred percent customer satisfaction is our motto. Supporting the production
& development achievement, we offer our customers a truly professional
quality control and technical support group. Continuous monitoring, sampling,
testing of products and processes is done to control process variable within
limits. We request our customers to observe the products clearly and your
feedback help us in giving you the best of our services.
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. 45.91 |
|
UK
Pound |
1 |
Rs. 84.63 |
|
Euro |
1 |
Rs. 57.74 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--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/normal. |
Small |
|
11-25 |
Ca |
Adverse factors are apparent. Repayment of
interest and principal sums in default or expected to be in default upon
maturity |
Limited with full security |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |