MIRA INFORM REPORT
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Report Date : |
11th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
LAXMI
INTERNATIONAL |
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Registered Office : |
317,
Kalbadevi Road, 2nd Floor. Opp. Swadeshi Market, Mumbai-400002,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Establishment : |
2002 |
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Legal Form : |
A
Sole Proprietorship Concern |
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Line of Business : |
Trader
and Importer of Tarn & Fibre Glass (Raw and Finished goods) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
RATING
|
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Maximum Credit Limit : |
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Status : |
Poor |
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Payment Behaviour : |
Slow and delayed |
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Litigation : |
Exit |
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Comments : |
Subject
is a small, unknown and unorganized concern. It’s payments are slow and
delayed. No responsible person was available at the office during our several
approaches. The concern can be considered for any business dealings on safe
and secured trade terms and conditions |
LOCATIONS
|
Registered Office/ Head
Office : |
317,
Kalbadevi Road, 2nd Floor. Opp. Swadeshi Market, Mumbai-400002,
Maharashtra |
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Tel. No.: |
91-22-22404075 |
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Mobile No.: |
91-9892113139 |
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E-Mail : |
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Area : |
100
Sq. ft |
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Location : |
Rented |
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Branch: |
Junjunwala
B;317%, Kalbadevi Road, Mumbai-400002, Maharashtra |
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Tel. No.: |
91-22-22404075 |
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Area : |
Kalbadevi |
SOLE PROPRIETOR
|
Name : |
Mr.
Deepak Modi |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35
years |
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Qualification : |
Graduate
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Experience : |
12
years |
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BUSINESS DETAILS
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Line of Business : |
Trader
and Importer of Tarn & Fibre Glass (Raw and Finished goods) |
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Products : |
Sleeving,
cloth, tape etc |
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Imports of : |
Tarn
& Fibre Glass |
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Imports from : |
China |
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Terms : |
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Selling : |
Cash
& Credit |
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Purchasing : |
Others
(Sight) |
GENERAL INFORMATION
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Customers : |
Wholesalers
& End users |
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No. of Employees : |
1 |
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Bankers : |
United
Welton Bank Malad
(West) Mumbai-400064 |
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Cash Credit : |
Rs.
1.500 million |
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Banking Relations : |
Unknown |
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Auditors : |
N.D.
Junjunwala & Company Chartered
Accountant |
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Sister Concern : |
B
Industries, Mumbai |
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Line of Business: |
Manufacturers
of Fibre Glass items |
CAPITAL STRUCTURE
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Capital Investment : |
|
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Owned : |
Rs.
0.500 millions |
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Borrowed : |
Rs.
1.500 millions |
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Total : |
Rs.2.000
millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2006 |
31.03.2005 |
|
Sales Turnover |
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15.000 |
10.000 |
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LOCAL AGENCY FURTHER INFORMATION
Expected
Sales for March 2007: Rs. 20.000 millions
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.45.30 |
|
UK
Pound |
1 |
Rs.78.45 |
|
Euro |
1 |
Rs.54.88 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
2 |
|
PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
2 |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
- |
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--CREDIT LINES |
1~10 |
- |
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--MARGINS |
-5~5 |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
|
15 |
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
|
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 |