MIRA INFORM REPORT

 

 

Report Date :

27.12.2007

 

IDENTIFICATION DETAILS

 

Name :

ACCORD FLOORS

 

 

Registered Office :

Plot No.5, Lane No. 1, 1st Floor, Gopalbari, Jaipur – 302001, Rajasthan

 

 

Country :

India

 

 

Financials (as on) :

31.03.2007

 

 

Date of Incorporation :

01.04.2003

 

 

Com. Reg. No.:

TIN 08122111449

 

 

IEC No.:

1306017653

 

 

PAN No.:

[Permanent Account No.]

AQMPK0641F

 

 

Legal Form :

Sole Proprietory Concern

 

 

Line of Business :

Manufacturer, exporter and trader of unmatched range of wooden floors, hard wood, english wood, laminated wood, etc.

 

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.

Small

 

Maximum Credit Limit :

USD 8000

 

 

Status :

Small Concern

 

 

Payment Behaviour :

Slow but Correct

 

 

Litigation :

Clear

 

 

Comments :

Subject is a relatively small concern having satisfactory track. Proprietor is reported as experienced and respectable businessman. Trade relations are reported as fair. Business is active. Payments are however reported as slow but correct.

 

The concern can be considered for small business dealings at usual trade terms and conditions.

 

LOCATIONS

 

Registered Office :

Plot No.5, Lane No. 1, 1st Floor, Gopalbari, Jaipur – 302001, Rajasthan, India

Tel. No.:

91-141-2369601

Mobile No.:

91-9828030499

Fax No.:

91-141-2369601

E-Mail :

accordfloors@yahoo.co.in

Website :

http://www.accordfloors.in

Area :

150 sq. yards

Location :

Leased

 

 

Factory :

77 – Ricco Industrial Area, Kala Dera, Chomu, Jaipur

Tel. No.:

91-9828150499

E-Mail :

accordfloors@yahoo.co.in

Area :

1200 sq. ft.

Location :

Leased

 

SOLE PROPRIETOR

 

Name :

Mr. Mukesh Kumar

Designation :

Proprietor

Address :

5 – Gopal Bari, Jaipur

Date of Birth/Age :

47 years

Qualification :

Graduate

Experience :

15 years

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer, exporter and trader of unmatched range of wooden floors, hard wood, english wood, laminated wood, etc.

 

 

Products :

Accord

 

 

Exports :

 

Products :

Wooden Floors

Countries :
  • USA
  • European Countries

 

 

Imports :

 

Countries :

Planning to import from China

 

 

Terms :

 

Selling :

L/C, Cash

 

 

Purchasing :

L/C, Credit (30 days)

 

PRODUCTION STATUS

 

Particulars

 

Installed Capacity

Actual Production

 

 

 

 

Solid Wood Floors

 

500 CBM/PA

50 CBM/PM

 

 

 

 

 

GENERAL INFORMATION

 

Customers :
  • Retailers
  • End Users
  • Architect

 

 

No. of Employees :

25 (20 – Factory, 5 – Office)

 

 

Bankers :

Axis Bank, Ashok Marg, Jaipur

 

 

 

Banking Relations :

Satisfactory

 

 

Auditors :

 

Name :

Padam Jain

Chartered Accountants

Address :

4th Floor, Raisar Plaza, Jaipur

Tel. No.:

91-141-5102774

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs.2.000 Millions

Borrowed :

-

Total :

Rs.2.000 Millions

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

31.03.2007

31.03.2006

Sales Turnover

 

2.500

1.200

 

 

 

 

 

Expected Sales (2007-08) : Rs.4.000 Millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

Trade reference:

 

 

 

 

Website details:

 

 

Timber is a wood which is widely used as a building material because of their aesthetic appearance and durability. Based in Jaipur, the city known for its exclusive wooden products, Subject offers a comprehensive range of timber products at affordable prices. They are a trustworthy manufacturer, exporter and supplier of unmatched  range of wooden floors, hard wood, English wood, laminated wood, etc. Their exclusive product range includes hard wood floors, solid wood floors, parquet, deck floors, deckings, wooden tiles, teak wood floors, and many others. Their uniquely designed and patterned wood flooring is capable of enhancing the ambiance of every four-walled-concrete-structure. Every product is manufactured from the finest quality of wood and is capable of delivering durable services to the client.


They follow strict and rigid quality control measures at every sphere of their operation in order to ensure superior quality. Their products have received accolades for their high quality and appealing designs. Equipped with modern machines like surface and thickness planners and other advanced techniques, the company is capable of providing unmatched items that are high on every parameter of quality, durability and strength.

 

 Products

Accord Floors is a globally acclaimed manufacturer, exporter and supplier of the following products:-

 

 

Unmatched Designs


Every product is designed by a team of dexterous designers who are working in this discipline since decades. Their designers possess mastery in innovating latest designs as per emerging trends of the market. They work in close coordination with the clients to deliver perfect solutions as per their exact requirement.

 

Top-notch Quality

 

They know the importance of quality in today's competitive scenario. Therefore, the concern follows stringent quality control norms and procedures at every stage of its process that invalidates every possibility of quality degradation. Every step is closely monitored and executed by a team of experienced personnel. They source the finest quality of wood from reliable and govt. certified agents of the market.

 

 

Timely Delivery

 

They are well supported by a capacious storage facility and a wide distribution network of dealers that enable them to ensure on-time delivery of the products. Their capability to feed bulk demand within tight deadlines provides them an additional edge over the other players operating in similar arena.

 

 

 

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.39.39

UK Pound

1

Rs.78.02

Euro

1

Rs.56.77

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

3

PAID-UP CAPITAL

1~10

3

OPERATING SCALE

1~10

3

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

2

--LIQUIDITY

1~10

3

--LEVERAGE

1~10

3

--RESERVES

1~10

3

--CREDIT LINES

1~10

3

--MARGINS

-5~5

-

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--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

 

27

 

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.

 

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