MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
MIRACLE
EXPORTS |
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Registered Office : |
No. 65
/ 2, 1st Floor, Kamakshipalya Industrial Estate, Magadi Main Road
, Bangalore – 560079, Karnataka. |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
10.05.1999 |
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IEC No.: |
0799001686 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRM02553F |
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Legal Form : |
Partnership
Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers
of Electronic Transformers and SMPS |
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
10000 |
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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.
Partners are reported as experienced and respectable businessmen. 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
|
Registered Office/ Factory : |
No. 65
/ 2, 1st Floor, Kamakshipalya Industrial Estate, Magadi Main Road ,
Bangalore – 560079, Karnataka, India. |
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Tel. No.: |
91-80-23485149 |
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Mobile No.: |
91-9845162930
/ 9845546251 |
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Fax No.: |
91-80-23480881 |
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E-Mail : |
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Website : |
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Area : |
10000
sq. ft. |
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Location : |
Rented
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PARTNERS
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Name : |
Mr.
Nilesh S Vadhar |
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Designation : |
Partner
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Address : |
No #
54, 14th Main Opp. Milk Booth, 3rd Block, Rajajinagar, |
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Date of Birth/Age : |
36
Years |
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Qualification : |
BE |
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Tel. No.: |
91-80-23500845 |
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Name : |
Mr.
Jitendra K Davda |
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Designation : |
Partner
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Address : |
12/11-1
13th |
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Date of Birth/Age : |
37
Years |
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Qualification : |
BE |
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Tel. No.: |
91-80-23381565 |
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Name : |
Mrs.
Sonal J Davda |
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Designation : |
Partner
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Address : |
12/11-1
13th |
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Date of Birth/Age : |
34
Years |
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Qualification : |
B. Com
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Tel. No.: |
91-80-23381565 |
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Name : |
Mrs.
Anjana N. Vadhar |
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Designation : |
Partner
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Address : |
No #
54, 14th Main Opp. Milk Booth, 3rd Block, Rajajinagar, |
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Date of Birth/Age : |
34
Years |
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Qualification : |
B.
Com. |
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Tel. No.: |
91-80-23500845 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers
of Electronic Transformers and SMPS |
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Products : |
Electronic
Transformers and SMPS |
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Brand Names : |
“MIRACLE” |
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Exports to : |
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Products: |
Electronic
Transformers and SMPS |
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Countries: |
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Imports from : |
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Products: |
Raw
Materials |
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Countries: |
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Terms : |
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Selling : |
Cash
and Credit (30-60 days), Advance Payment |
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Purchasing : |
Cash
and Credit (30-60 days) |
PRODUCTION
STATUS
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Particulars |
|
Unit |
Installed Capacity |
Actual Production |
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Toroidal Transformers |
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Pcs |
60000 |
40000 |
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E and I Transformers |
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Pcs |
600000 |
400000 |
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S M P S |
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Pcs |
60000 |
20000 |
GENERAL INFORMATION
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Suppliers : |
v
IC Audio GmbH v
Majarcom v
Uniton AG v
ARX System Private Limited v
W + B Communication v
Scruples Limited v
Bouyer v
ELA Sound GmbH v
Aditya Prints v
Akshya Insulated Conductor v
Digvijay Electrical v
MA Print v
Unique Enterprises v
Swarngiri Wire Insulations Private Limited v
Prakash Enterprises v
Praveen Enterprises v
Sabachini Enterprises v
Safinatronics v
Shreekanth laminations v
S V Trading Company |
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Customers : |
v
OEM’s v
WHD Huber + Shone GmbH Company KG v
Norwe GmbH v
Foshan Nanhai Real Faith Import Export Company v
Weisser Spulenkorper GmbH and Company v
Taya Electric Wire and Cable Company Limited v
Chein Shern Enterprise Company Limited v
Teeming Machinery Corporation |
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No. of Employees : |
About
35 |
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Bankers : |
v
HSBC Bank M G Road Branch, |
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Banking Relations : |
Satisfactory
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Associates/Subsidiaries : |
Miracle
Electronic Devices Private Limited No.
65/ 2, kamakshipalya Industrial Estate, Line of
Business: Manufacturers |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
2.287 Millions |
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Borrowed : |
Nil |
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Total : |
Rs.
2.287 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
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Sales
Turnover |
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21.500 |
Expected
Sales (2007-08) : Rs. 30.000 millions
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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|
31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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2.287 |
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2] Reserves & Surplus |
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0.000 |
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NETWORTH |
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2.287 |
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LOAN FUNDS |
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TOTAL BORROWING |
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0.000 |
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TOTAL |
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2.287 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.733 |
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Capital work-in-progress |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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2.898 |
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Sundry Debtors |
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0.424 |
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Cash & Bank Balances |
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0.152 |
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Other Current Assets |
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1.389 |
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Loans & Advances |
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0.011 |
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Total Current Assets |
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4.874 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities |
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3.284 |
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Provisions |
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|
0.036 |
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Total Current Liabilities |
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3.320 |
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Net Current Assets |
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1.554 |
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TOTAL |
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2.287 |
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PROFIT
& LOSS ACCOUNT
|
PARTICULARS |
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|
31.03.2006 |
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Sales Turnover [including other
income] |
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14.543 |
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Profit/(Loss)
Before Tax |
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-- |
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Provision
for Taxation |
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-- |
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Profit/(Loss)
After Tax |
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2.957 |
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Total
Expenditure |
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3.366 |
KEY
RATIOS
|
PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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20.33 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.45 |
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Current
Ratio (Current
Asset/Current Liability) |
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3.14 |
LOCAL AGENCY FURTHER INFORMATION
Nil
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs. 40.75 |
|
|
1 |
Rs. 81.17 |
|
Euro |
1 |
Rs. 54.59 |
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 |