MIRA
INFORM REPORT
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Report Date : |
23.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MAGNET KITCHENS |
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Registered Office : |
A – 4, Mayapuri Industrial Area, Phase – I, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Modular Kitchen Boxes, Wardrobe Units and
Kitchen Solid Wood Shutters. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 6000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory
track. Proprietor is reported as experienced
and respectable businessman. Trade
relations are reported as fair.
Business is active. Payments
are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
A – 4, Mayapuri Industrial Area, Phase – I, |
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Tel. No.: |
91 – 1 – 2513 1242 |
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Mobile No.: |
91 – 9811449848, 9811347206 |
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Fax No.: |
91 – 11 – 2513 1242 |
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E-Mail : |
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Website : |
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Area : |
1000 Sq. fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Ms. Rashmi Gupta |
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Designation : |
Proprietor |
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Date of Birth/Age : |
25 years |
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Qualification : |
Graduate |
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Experience : |
5 years |
KEY EXECUTIVES
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Name : |
Mr. Aman |
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Designation : |
Senior Manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and exporter of Modular Kitchen Boxes, Wardrobe Units and
Kitchen Solid Wood Shutters. |
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Products : |
v
Modular Kitchen Boxes v
Wardrobe Units v
Kitchen Solid Wood Shutters v
Polyurethane coating that ensure durability in Indian
climatic condition v
100 % water and termite resistant In wide spectrum of colors and finishes like European Ash, American
Red Oak, Asian Oak that are available in Natural, Walnut and Mahogany Stains. |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Cash or Credit |
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Purchasing : |
Cash or Credit |
PRODUCTION STATUS
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Capacity to increase production by 50 % |
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GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from open market. |
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No. of Employees : |
25 |
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Bankers : |
Bank of Hari Nagar, |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500 millions |
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Borrowed : |
- |
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Total : |
Rs. 1.500 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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14.000 |
12.500 |
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Profit/Loss for the year |
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12% |
12% |
Expected Sales (2007-08): Rs. 15.000 millions – 20.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details attached:
Subject is a world class manufacturer and exporter
of Modular Kitchen Boxes, Wardrobe
Units and Kitchen Solid Wood Shutters in a wide range of designs
and lavish features. They offer a variety of carcasses available in wide
spectrum of colors and finishes like European Ash, American Red Oak, Asian Oak
that are available in Natural, Walnut and Mahogany Stains.
They give foremost priority to the customers' satisfaction and deliver products
which are capable to meet their exact requirement. Incorporated in the year
2004, they have grown at a very fast pace with the exquisite range of products
supplied to their clients in domestic and international market. They promise to
give the very best of deals at a highly competitive price to their valued
customers. They have kitchen for every dream-home which suits all kind of
environment and budget.
Features
They supply Kitchen Boxes and Wardrobe
Units of high quality that cater to latest designs and trends in the
market. Their products are distinguished for their features that increase their
durability and beauty. The special features of their products are:
- Polyurethane coating that ensure durability in Indian climatic
condition
- 100% water and termite resistant
Infrastructure
Subject possesses a team of professional
designers and workers who are skilled in handling latest manufacturing
equipment installed at their unit. Their talented designers create designs that
are always appreciated by the clients. They have all the latest manufacturing
tools and machineries that enhance the quality and amazing outlook of the
products.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 40.34 |
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1 |
Rs. 83.08 |
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Euro |
1 |
Rs. 55.80 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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--CREDIT LINES |
1~10 |
5 |
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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 |
YES |
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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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
Small |
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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