MIRA
INFORM REPORT
|
Report Date : |
27th
May, 2006. |
IDENTIFICATION
DETAILS
|
Name : |
INDIAN
ARMOUR |
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|
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Registered Office : |
14/5,
Mathura Road, Faridabad – 121 003, Haryana, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
2005 |
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Legal Form : |
Sole
Proprietary Concern |
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Line of Business : |
Trader,
Importer and Exporter of Safety and Security Instruments. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
Maximum Credit Limit : |
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Status : |
New
Concern |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a new concern. It’s trade relations are fair. Payments are usually correct
and as per commitments. The
concern can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
|
Registered Office : |
14/5,
Mathura Road, Faridabad – 121 003, Haryana, India. |
|
Tel. No.: |
91-129-4044466 |
|
Mobile No.: |
91-9810107363
/ 9810242140 |
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Fax No.: |
91-129-4044471 |
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Website : |
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|
Area : |
3000
sq. ft. |
|
Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr.
Anil Kant |
|
Designation : |
Proprietor
|
|
Date of Birth/Age : |
43
Years |
|
Qualification : |
Post
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Trader,
Importer and Exporter of Safety and Security Instruments. |
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Exports to : |
U.K.,
Germany, France, USA, Middle East, South Africa and Srilanka. |
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Imports from : |
China,
Japan and Europe. |
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Terms : |
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Selling : |
Cash
and Credit (30 Days) |
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Purchasing : |
L/C,
Cash, Credit (30 Days) and Sight |
GENERAL INFORMATION
|
Customers : |
Ministry
of Defence and End Users |
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No. of Employees : |
380 |
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|
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Bankers : |
§
State
Bank of India, Faridabad §
ICICI
Bank, Faridabad |
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Facilities : |
-- |
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Banking Relations : |
-- |
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Sister Concerns: |
Universal
Security Instruments |
|
Address: |
14/5,
Mathura Road, Faridabad – 121 003. |
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Line of Business: |
Manufacturing
of Security Instruments & Equipment and Safety Equipment. |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
5.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
|
|
31.03.2005- 06 |
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Sales Turnover |
|
|
120.000 |
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Profit/Loss for the year |
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5.85 (last year) |
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Export Value |
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70% |
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Import Value |
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|
20% |
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
§
State
Trading Corporation of India Limited
§
Ministry
of Defence
AS PER WEBSITE:
INTRODUCTION:
Indian Armour’s
in – house R&D Division and Product Development Team responds swiftly to
new customer requirements and challenges. Indian Armour’s personnel protection
is designed for maximum safety plus wearer comfort and mobility in extremes of
climate and operational conditions.
Since its founding in
1998, Universal Security Instruments has continuously led the field in creating
better ways to save lives. And as one of the country's elitist manufacturers of
body armor, USI has remained committed to seeking the newest technologies to
combat the ever-changing threats to law-enforcement, military and corrections
personnel.
Research and
Development
Backed by a major investment in research and development, USI engineers and
designers constantly explore innovative and creative ways to improve our
products. Through a combination of advanced materials and manufacturing expertise,
USI offers the very finest products supported by the highest level of customer
service.
Comfort Engineered
The dedicated team at U.S.I. is fully committed to only one mission:
producing the finest armor products available in the world today. From our Design
Staff to our R&D Department and Production Team; from our Quality Control
Department, Customer Service staff and our Field Representatives, all of us at
U.S.I.. draw on armor industry experience to manufacture products that satisfy
three key demands: Quality, Comfort and Value. This, along with the willingness
to seek out our customers' input on their specific needs and requirements is
what sets us apart from everyone else. Try us and experience the difference for
yourself.
Products:
§
Personal Protection Clothing
§
Hard Armour Plates
§
Bullet Proof Helmets
§
Armoured vehicles
§
Combat Boots
§
Thermal SuitsCanvas Shelters
§
Riot Helmets & Shields.
Weaving:
Weaving of Kevlar:
Their state of art
facilities has ability to weave all technical fabrics and other high performance
brand fibers. USI is supported by Dupont for weaving of Kevlar fabrics for
ballistics applications in India.
Conversion operations
encompass twisting, beaming, warping, weaving, lamination, impregnation and
coating. Such vertical integration allows us to respond quickly and adapt to
changing customer requirements.
These cutting edge
performance fabrics offer unmatched resistance to bullets, frags,cuts, stabs,
and abrations, while offering lightweight strength and comfort.
End use application include
soft body armor, hard personal armor plates and shields, mine clearsnce, suits,
helmets, fragmentation vests, heat amd flame resistant work wear, chainsaw
chsps and cut resistant aprons. Continuous design evaloution is resulting in
ever more protection at weight and with grater flexibility.
KEVLAR is made from aramid
fibers which is chemicals and thermal degration and only carl extremely high
temperature. Both materials are high to abrasion, cuts and tears and are
durable even at exposure to water, petroleum products and chemicals.
The superiority of KELVAR
lies in how the material force of impact of potentially harmful object. This
transfer occurs at “crossover point the fibres are interwoven. Additional
energy is absorbed layers in the body armor, reducing the amount of energy that
causes “blunt trauma”.
The ability to absorb
energy and displace the pressure objects makes KELVAR an invaluanle resource in
bullets, knives and as infite array of other sharp woven fabrics are more
comfortable to wear than hard shield products. Whatver protective technology
looking for Dupont KELVAR can meet the per comfort and cost requirements.
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.45.85 |
|
UK
Pound |
1 |
Rs.85.82 |
|
Euro |
1 |
Rs.58.62 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
4 |
|
OPERATING SCALE |
1~10 |
4 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
4 |
|
--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
|
--LEVERAGE |
1~10 |
4 |
|
--RESERVES |
1~10 |
3 |
|
--CREDIT LINES |
1~10 |
4 |
|
--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 |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
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--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
34 |
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 |