MIRA INFORM REPORT

 

 

Report Date :

05.04.2007

 

IDENTIFICATION DETAILS

 

Name :

INNOVATIVE IDEALS AND SERVICES (INDIA) PRIVATE LIMITED

 

 

Registered Office :

Rehmania House, Building No.33, Gaothan No. 2, Off. S.V. Road, Andheri (West), Mumbai 400058, Maharashtra

 

 

Country :

India

 

 

Financials (as on) :

31.03.2006

 

 

Date of Incorporation :

06.12.2000

 

 

Com. Reg. No.:

11-129901

 

 

IEC No.

0303084901

 

 

CIN No.:

[Company Identification No.]

U64201MH2000PTC129901

 

 

TAN No.:

[Tax Deduction & Collection Account No.]

MUMI104015E

 

 

Legal Form :

Private limited liability company

 

 

Line of Business :

Trader and Distributor of Video Door Phones – Commax, CCTV – Sunwell, Digital Video Recording System – Neosyst

 

 

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

 

Maximum Credit Limit :

USD 5000

 

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is an established traders and marketers of door safety equipments. Directors are reported as experienced, respectable, and having satisfactory means of their own. Their trade relations are fair. Payments are usually correct and as per commitments

 

The company can be considered normal for business dealings at usual trade terms and conditions.

 

Input for this was parted by Mr. Maqsood Shaikh – Director (Mobile : 9820068917) of the company.

 

 

LOCATIONS

 

Registered Office :

Rehmania House, Building No.33, Gaothan No. 2, Off. S.V. Road, Andheri (West), Mumbai 400058, Maharashtra, India

Tel. No.:

91-22-26238855, 26287786, 26238182

Fax No.:

91-22-26287786

E-Mail:

innovsys@vsnl.com / sales@innovativemumbai.com

Website

http://www.innovativemumbai.com

Mobile No.:

91-9820068917

Area :

600 Sq.ft

Location :

Rented

 

 

Factory :

Plot No.584, New Link Road, Adarsh Nagar, Jogeshwari (West), Mumbai, Maharashtra, India

 

 

DIRECTORS

 

Name :

Mr. Maqsood Dabir Shaikh

Designation :

Director

Address :

604, 6th floor, Bhagwati CHSL, Plot No. 68, Yari Road, Versova, Andheri (West), Mumbai 400061

Date of Birth:

07.03.1964

Qualification :

Diploma in E & T

Experience :

19 Years

Date of Appointment :

06.12.2000

 

 

Name :

Mrs. Tazyeen Maqsood Shaikh

Designation :

Director

Address :

604, 6th floor, Bhagwati CHSL, Plot No. 68, Yari Road, Versova, Andheri (West), Mumbai 400061

Date of Birth:

17.11.1967

Qualification :

B. ARCH

Experience :

12 Years

Date of Appointment :

06.12.2000

 

 

Name :

Mr. Dabber Anwar Shaikh

Designation :

Director

Address :

10-Havana, Off. J. P. Road, 7- Bunglows, Andheri (West), Mumbai 400061

Date of Birth:

04.06.1938

Qualification :

Diploma in Mech Engg

Experience :

30 Years

Date of Appointment :

06.12.2000

 

 

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

 

Names of Shareholders

No. of Shares

Mr. Maqsood Shaikh

2500

Mrs. Tazyeen Shaikh

2500

Mr. Dabir Shaikh

2500

 

 

BUSINESS DETAILS

 

Line of Business :

Trader and Distributor of Video Door Phones – Commax, CCTV – Sunwell, Digital Video Recording System – Neosyst

 

 

Products :

Ø       Video Door Phones – Commax

Ø       CCTV – Sunwell

Ø       Digital Video Recording System – Neosyst

 

 

Terms :

 

Selling :

Credit and Cash  (60 days)

 

 

Purchasing :

Credit (90 days)

 

 

GENERAL INFORMATION

 

Suppliers :

Ø       Aden Traders

Ø       Alshams Engineering Company

Ø       Bharat Printers

Ø       Comfort Solutions

Ø       Driveindia.com

Ø       Electro World

Ø       Heena Electricals

Ø       Intech Electricals

Ø       L. C. Electronics

Ø       J. Gandhi and company

Ø       Rahul Traders

Ø       Rami Audio Solutions

Ø       Sagar Cables

Ø       Rusahabh Enterprise

Ø       SKJ Electronics and Systems

 

 

Customers :

Retailers and End Users

Ø       Amil Electonics

Ø       Bhalani Medical Book House

Ø       Canon

Ø       Car Care Centre

Ø       Dr.Ganu Naik

Ø       Eletech Engi. And Cont.

Ø       Genesis

Ø       Interface Telecom (I)

Ø       K. P. Snghavi

Ø       Laxsons India Limited

Ø       Manas Communications

Ø       Mr. Ajay Singh

Ø       Mr.Lucky Bhai

Ø       Mullackal Polymers

Ø       TBZ Khar

Ø       Teknic Controls

 

 

No. of Employees :

44

 

 

Bankers :

Bank of Maharashtra, Versova Branch, Mazdock Apartment Co-operative Housing Society Limited, J. P. Road, 7 Bungalow, Andheri (West), Mumbai 400061

Tel. No.: 91-22-26347496, 26341722

Fax No.: 91-22-26347187

E-Mail : bom0416@vsnl.com

 

 

Facilities :

Secured Loans

 

Cash Credit of Rs. 4.400 millions

Bank of Maharashtra

(Secured against hypothecation of Stock, Book Debts and Guaranted by Directors of the company)

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

I. S. Masawi and Company

Chartered Accountant

Tel. No.:

91-22-23402026

Address:

126/128, Laxmi Building, Room No. 4, 1st Floor, Nagdevi Street, Mumbai 400003

 

 

Sister Concern :

Ø       Name - Innovative Solutions

Address – 33-Rehmania House, Gaothan lane No.2, S.V.Road, Andheri (West)

Line of Business- Servicing and Installation

Ø       Name – Concepts and Designs

Address - 33-Rehmania House, Gaothan lane No.2, S.V.Road, Andheri (West)

Line of Business – Architects and Interior Decorator

Ø       Name – Alshams Engineering Company

Address – 10 – Havana, Off. J.P.Road, 7-Bunglows, Andheri (West), Mumbai 400061, India

 

 

CAPITAL STRUCTURE

 

Authorised Capital :

No. of Shares

Type

Value

Amount

100000

Equity Shares

Rs. 10 Each

Rs. 1.000 millions

 

Issued, Subscribed & Paid-up Capital :

No. of Shares

Type

Value

Amount

10000

Equity Shares

Rs. 10 Each

Rs. 0.100 millions

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

ABRIDGED BALANCE SHEET

 

SOURCES OF FUNDS

 

31.03.2005

31.03.2004

31.03.2003

SHAREHOLDERS FUNDS

 

 

 

1] Share Capital

0.100

0.100

0.100

2] Share Application Money

0.000

0.000

0.000

3] Reserves & Surplus

1.256

0.688

0.415

4] (Accumulated Losses)

0.000

0.000

0.000
NETWORTH

1.356

0.788

0.515

LOAN FUNDS

 

 

 

1] Secured Loans

4.977

2.425

0.272

2] Unsecured Loans

0.712

0.982

0.616
TOTAL BORROWING

5.689

3.407

0.888

DEFERRED TAX LIABILITIES

0.000

0.000

0.000
 

 

 

 
TOTAL

7.045

4.195

1.403
 

 

 

 
APPLICATION OF FUNDS

 

 

 
 

 

 

 
FIXED ASSETS [Net Block]

0.266

0.244

0.028
Capital work-in-progress

0.000

0.000

0.000
 

 

 

 
INVESTMENT

0.000

0.000

0.000
DEFERREX TAX ASSETS

0.000

0.000

0.000
 

 

 

 
CURRENT ASSETS, LOANS & ADVANCES

 

 

 
 
Closing Stock
2.528

0.000

0.000
 
Sundry Debtors
12.769

1.062

0.839
 
Cash & Bank Balances
0.156

0.028

0.016
 
Other Current Assets
0.00

3.987

2.188
 
Loans & Advances
1.533

0.477

0.341
Total Current Assets
16.986

5.554

3.384
Less : CURRENT LIABILITIES & PROVISIONS
 

 

 
 
Current Liabilities
9.735

1.434

1.789
 
Provisions
0.476

0.179

0.238
Total Current Liabilities
10.211

1.613

2.027
Net Current Assets
6.775

3.941

1.357
 

 

 

 
MISCELLANEOUS EXPENSES

0.004

0.010

0.018
 

 

 

 
TOTAL

7.045

4.195

1.402

 

PROFIT & LOSS ACCOUNT

 

PARTICULARS

 

31.03.2005

31.03.2004

31.03.2003
Sales Turnover [including other income]

28.887

17.133

13.598
 

 

 

 
Profit/(Loss) Before Tax

0.874

0.425

0.472
Provision for Taxation

0.306

0.153

0.174
Profit/(Loss) After Tax

0.568

0.272

0.298
 

 

 

 
Total Expenditure

28.012

16.707

13.125

 

KEY RATIOS

 

PARTICULARS

 

 

31.03.2005

31.03.2004

31.03.2003
PAT / Total Income
(%)
1.966

1.587

2.191
 
 
 

 

 
Net Profit Margin

(PBT/Sales)

(%)
2.892

2.782

3.591
 

 
 

 

 
Return on Total Assets

(PBT/Total Assets}

(%)
5.066

7.330

13.833
 

 
 

 

 
Return on Investment (ROI)

(PBT/Networth)

 
0.644

0.539

0.916
 

 
 

 

 
Debt Equity Ratio

(Total Liability/Networth)

 
11.725

6.370

5.660
 

 
 

 

 
Current Ratio

(Current Asset/Current Liability)

 
1.663

3.422

1.669

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Form 8 Particular for creation or modification of charges 

 

Corporation identity number or foreign company registrations number of the company 

U64201MH2000PTC129901

Name of the company

INNOVATIVE IDEALS AND SERVICES (INDIA) PRIVATE LIMITED

Address

Rehmania House, Building No.33, Gaothan No. 2, Off. S.V. Road, Andheri (West), Mumbai 400058, Maharashtra

This Form is for

Modification of charge

Type of Charges

Goodwill

Book Debts

Movable property

Movable plant and machinery

Particular of the charge holder 

Bank of Maharashtra

Versova Branch, Mazdock Apartment CHS,

J P Road, Andheri (West), Mumbai-400061, Maharashtra, India

E-Mail : bom416@mahabank.co.in

Nature or description of the instrument creating charge  

Composite deed of hypothecation for all facilities.

Date of the instrument creating charge

29.09.2006

Amount Secure by the charge

Rs.3.500 millions

Brief of the principal terms and conditions and extent and operation of the charge

Rate of interest

As per the terms of letter of sanction dated 14.09.2006. interest in default to be capitalized and charge @ same rate plus additional interest @2% p.a.

 

Terms of Repayment

Repayable on demand

 

Margin

255

 

Extent and operation of the charge

Security to cover principal amount together with interest, costs, charges, expenses etc.

 

Others

Hypothecated goods shall be kept insured at the cost of the borrower company. Bank shallhave4 a general right to lien in respect of any obligations or intendedness liabilities of the borrower company.

Date of latest modification prior to the present modification

02.03.2005

Particulars of the Property charged  

First and exclusive charge of hypothecation of present and future movable/ tangible properties like plant and machineries, vehicles, goods, stock or raw materials in trade, items, inventories, stocks in process, semi finished and finished goods, consumable stores and spares, stock in trade, goods in process , movables in transit or wherever situate, Bills Receivables, Book Debs, Claims, goodwill and IPRs and all rights, titles, interest, benefits of borrower in all contacts agreements and amounts.

Particulars of present modification

The earlier extension of  charge of hypothecation on 02.03..2005 covered cash credit limit of Rs.4.400 millions by present modification the coverage of Cash credit limit is extended to rs.10 millions with extent of charge vis a vis other limits as on 02.03.2005 remaining same.

 

Name of the company

INNOVATIVE IDEALS AND SERVICES (INDIA) PRIVATE LIMITED

Presented By

Jointly by the company and Bank of Maharashtra

1) Date and description of instrument creating the change

Composite deed of hypothecation for all facilities dated 12.05.2003

2) Amount secured by the charge/amount owing on the securities of charge

Rs.3.500 millions

3) Short particular of the property charged. If the property acquired is subject to charge, date of the acquired of the property should be given

First and exclusive charge and security by way of hypothecation security charge in favour of the Bank over the Borrower’s present and future movable plants, machineries, inventories, stocks of raw materials, items, inventories, stocks in process, semi finished and finished goods, stores and spares not relating to plant and machinery, stock in trade, goods in process, movable in transit, bills receivable and book debts and all of the borrower’s present and future situated or located at any place and now lying, being, affixed or installed at any place and now lying, being affixed or installed at any place at any time and the borrowers goodwill and all outstanding monies, claims, receivables, book debts due or become due to the borrower at any time or from time to tiem and all fo the borrowers rights, titles or interest therein.

4) Gist of the terms and conditions and extent and operation of the charge.

Details of credit facilities

Term Loan – Rs.3.500 millions

 

Security to cover principal amount together with interest, costs, charges, expenses etc.

5) Name and Address and description of the person entitled to the charge.

Bank of Maharashtra

Versova Branch

Andheri (West)

Mumbai-400061

6) Date  and brief description of instrument modifying the charge

Composite deed of hypothecation for all facilities dated 02.03.2005

7) Particulars of modifications specifying the terms and conditions or the extent of operations of the charge in which modification is made and the details of the modification.

First modification – on 23.03.2004. term loan limit of Rs.3.500 millions charge to cash credit limit of Rs.3.300 millions.

 

By present modification  - Charge enhanced from rs.3.300 millions to rs.5.900 millions .

Details of credit facilities as under :

 

Cash Credit

Rs.4.400 millions

Short Term Loan

Rs.1.500 millions

Total

Rs.5.900 millions

 

Subject is ISO 9001-2000 Certified Company.

 

The company is in trade terms with :

 

Ø       Gundecha Builders – Mr. Mahendra  Jain

Tel No. :-  91-2623-28724210

Ø       Kalpataru Homes Limited – Mr. Anju Munot and Mr. Anoop Chandran

Tel No. : 91-2623-22845999

Ø       Nirmal Lifestyles Lmited – Mr. Umesh Solanki

Tel No. : -91-2623-25905121/22

Ø       Lokhandwala Const – Mrs. Laila Paul and Mr. Nathan

Tel. No.:-91-2623-26494492

Ø       L and T – Mr. Anit Joshi and Mr. Nalin Desai

Tel No. : 91-2623-55052743

Ø       K. Raheja Universlal – Mr. Venkatraman

Tel. NO. 91-2623-58414140

Ø       SRL Ranbaxy

Tel No. : 91-2623-3081111/30811273

Ø       Raymonds Limited – Mr. Haridas

Tel No. : 91-2623-25987000

 

 

 

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 records 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.43.15

UK Pound

1

Rs.85.22

Euro

1

Rs.57.63

 

 

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

NO

--AFFILIATION

YES/NO

YES

--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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions