MIRA
INFORM REPORT
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Report Date : |
12.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
INFINITE SPACE SOLUTIONS |
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Registered Office : |
No. 115, 14th Cross, 1st Floor, Gayathri Nagar,
K.R.Puram Bangalore – 560036, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2002 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporter of modular furniture, retail shop fixtures,
home products, kitchen cabinets, modular wardrobes, executive chairs and
furniture. |
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 10,000 |
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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 reported concern. Proprietor is
young and energetic. Trade relations are 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 : |
No. 115, 14th Cross, 1st Floor, Gayathri Nagar,
Bangalore – 560036, Karnataka, India |
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Tel. No.: |
91-80-22725452 |
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Mobile No.: |
91-9886000644 |
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Fax No.: |
91-80-22725452 |
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E-Mail : |
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Area : |
1000 sq ft. |
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Location : |
Rented |
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Factory 1 : |
Doddannakundi Industrial Estate, (Peenya) |
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Area : |
6500 sq. ft. including Warehouse Space |
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Location : |
Rented |
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Branches : |
Propsed shortly at Hyderabad |
SOLE PROPRIETOR
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Name : |
Mr. D. Nikhil |
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Designation : |
Proprietor |
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Date of Birth/Age : |
31 years |
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Qualification : |
B.E.(Mech) |
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Experience : |
7 years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporter of modular furniture, retail shop fixtures,
home products, kitchen cabinets, modular wardrobes, executive chairs and
furniture. |
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Products : |
·
Modular Furniture ·
Retail Shop Fixtures ·
Home Products Kitchen Cabinets Modular Wardrobes Executive Chair and Furniture |
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Terms : |
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Selling : |
Advance/upto (45 days) |
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Purchasing : |
60 days |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
70 (65 Office, 5 Other) |
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Bankers : |
Indusind Bank, M.G. Road, (Bangalore -1) |
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Facilities : |
Operating on own funds |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Adarsh Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Peenya Industries Association |
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Associates/Subsidiaries : |
Life Style Furnitures, (Blore) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.500 Millions |
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Borrowed : |
- |
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Total : |
Rs.2.500 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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60.000 |
55.000 |
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Profit/Loss for the year |
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10 to 12% |
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Average value of inventories at any given time: Rs.0.500 Million
LOCAL AGENCY
FURTHER INFORMATION
Committed
to quality and customer satisfaction, they have established a strong position
in the market. Subject was founded in the year 2002, and has within a few
years turned itself into a globally reputed brand in its arena. The success
that their company has achieved is demonstrated by the rapid expansion of their
market base all over the world. They are engaged in the industry as a
manufacturer and exporter of Modular Furniture, Retail Shop Fixtures, Home
Products like Kitchen Cabinets, Modular Wardrobes, Executive Chairs and
Furniture, etc.
They
export almost 20% of their total produce to the international markets and
needless to say, have a dominating presence at the domestic level. At Infinite
Space Solutions, their motto is simple; to create the best products and earn
full customer satisfaction. They use the best raw materials, apply cutting of
the edge technology, and design and develop products in numerous variety of
design and style. They can manufacture approximately 1000 to 1500 items per
month and always keep their selves ready to cater to the requirements of their
valued clients under all circumstances.
Their
Product Range
Subject is a renowned manufacturer and exporter of a wide range of high quality
products. They supply their products all over the country and to various parts
of the globe. The product portfolio of their company includes the following
items:
- Modular Furniture
- Retail Shop Fixtures
- Home Products
Kitchen Cabinets
Modular Wardrobes
Executive Chairs and Furniture.
Their
Quality
At subject, the business philosophy is based upon a set of transparent and fair
business ethics. They believe that only by maintaining the highest level of
quality in every area of their activity; can their attain the zenith of
success. This quality driven attitude has set us apart in the highly
competitive market place and has won them substantial gains in market share. To
ensure that all their products meet international quality standard, they adopt
a well defined quality control system in their company.
The
quality control policy starts right from the procurement of supreme grade raw
material, goes through different stages of production and ends only with the
dispatch of finished products. A team of experts supervises all these
operations and helps us to win client's trust and satisfaction.
Infrastructure
They are
equipped with a world class infrastructure availing us world class facilities
in all areas of their activity. The manufacturing unit is installed with highly
sophisticated machinery of the latest technology for the production of high
class products. Regular investments and frequent upgrading of existing
technology help them to increase their productivity as well as product quality.
In addition, they also have in-house facilities for quality testing, R&D
activities, warehousing etc. All these infrastructure facilities, combined with
their committed and competent workforce, enable us to function efficiently in
the industry.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.34 |
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UK Pound |
1 |
Rs.82.66 |
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Euro |
1 |
Rs.57.57 |
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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. |
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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