MIRA
INFORM REPORT
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Report Date : |
23.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
INNOVATIVE FAB TECH |
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Registered Office : |
31, 21st Cross, Doddanna Industrial Estate, Peenya, 2nd
Stage, Bangalore 560091, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
August, 2006 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Sheet Metal Fabrications, Machine Enclosures, Electrical
Cabinets, Panels and Racks. |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 10000 |
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Status : |
Small concern |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject is a small concern in its filed. Trade relations are reported as fair. Payments are reported as slow but correct. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
31, 21st Cross, Doddanna Industrial Estate, Peenya, 2nd
Stage, Bangalore 560091, Karnataka, India |
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Tel. No.: |
91-80-28364043 |
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Fax No.: |
91-80-28367036 |
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E-Mail : |
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Website : |
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Factory 1 : |
31, 21st Cross, Doddanna Industrial Estate, Peenya, 2nd
Stage, Bangalore 560091, Karnataka, India |
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Area : |
5600 Sq. fts. |
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Location : |
Leased |
SOLE PROPRIETOR
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Name : |
Mr. Byresh N. |
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Designation : |
Proprietor |
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Date of Birth/Age : |
40 Years |
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Qualification : |
B. E. Mechanical |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Sheet Metal Fabrications, Machine Enclosures,
Electrical Cabinets, Panels and Racks. |
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Products : |
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Imports : |
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Products : |
Machinery |
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Countries : |
Japan |
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Terms : |
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Selling : |
L/C (60 days) |
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Purchasing : |
30 to 60 days |
GENERAL
INFORMATION
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Suppliers : |
Amada, Japan Santosh Steel, Bangalore Karnataka State Small Industries Dev Corporation Limited, Bangalore |
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Customers : |
V. V. Controls Private Limited, Bangalore High Power Casting, Bangalore L & T Komatsu Limited, Bangalore |
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No. of Employees : |
20 |
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Bankers : |
State Bank of India, Peenya Second Stage, Bangalore 560058 |
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Facilities : |
Term Loan Rs. 2.500 Millions Cash Credit Rs. 1.500 Millions ---------------------------- Total Rs. 4.000 Millions |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Mr. Radha Krishna Chartered Accountant |
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Address : |
Bangalore |
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 |
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Sales Turnover |
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0.600 |
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Profit/Loss for the year |
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Indicated around
10% |
Expected Sales (2007-08) : Rs. 0.900 Millions
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
DETAILS:
Striving to provide their valued customers with the products and services
of unmatched quality standard, they are a distinguished brand in the field of
metal fabrication works. Subject engage theirselves in fair and healthy
competition in the market and endeavor to excel through innovation and
continuous improvement. Their company was started by a team of experienced
professionals and as a result of their dedication and hard work, their brand
has rapidly grown up to be a reputed manufacturer in the
industry. Their product portfolio includes Metal Fabrication Products,
Sheet Metal Fabrication Products, M/C Enclosures, Electrical Cabinets, Panels
& Rocks.
At Innovative Fab Tech, their endeavor is to design and develop
products which offer the most cost effective solutions along with ensuring that
customers' requirements are met with excellence. In this mission, they are
assisted by a team of brilliant technocrats as well as a robust infrastructure.
Equipped with all the necessary resources, they are capable of manufacturing
products which comply with international quality standards. All the projects
are managed on time and are in adherence to strict product delivery schedules.
These customer centric approaches help them always to be at the top of their
customers' priority list. At present, they are a recognized member of Small
Scale Industries of India and have a massive market base spread all over the
country.
Their Quality
At Innovative Fab Tech, they are extremely quality conscious
and are continually driven forward in terms of the latest technology, research
and innovation. The quality control policy of their company is based upon
continual improvement of the products and services, it offers. As per this
policy, they have installed a highly advanced quality testing lab at their
factory premise. A team of experts thoroughly looks after all the quality
control operations at this unit and also supervises the whole manufacturing
process right from the procurement of raw material to the final stage of
production. Internationally acclaimed quality norms are strictly maintained and
premium product quality of the finished products is confirmed through utmost
care and attention to detail. Besides the quality factor, their customers can
even remain assured that their products are most competitively priced and
delivered to them most efficiently within stipulated time period.
Their Infrastructure
As a futuristic company, they are fortunate enough to be served by
a highly skilled team of professionals comprising of experience rich fabricators,
welders, CNC machine operators, sheet metal workers, and other workers. In
terms of technology, they are well equipped with world class facilities for
production, laser cutting, powder coating & painting, quality control and
R&D. The manufacturing unit of their company is loaded with a range of
advanced machinery which enables them to manufacture products as per the latest
technology in conformance to the world class standards. The list of machinery
they have installed at their factory includes the following-
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Hydraulic Press Brake |
Drilling Machine |
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NC Hydraulic Shear |
Fly Press |
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Power Press (C-Type) |
Belt Sander |
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MIG Welding Machine |
Air Compressor |
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Arc Welding Machine |
Cut-Off Machine |
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Bench Grinder |
Angular Grinder |
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Vernier Height Gauge |
Vernier Caliper |
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Surface Table |
Micrometer |
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Varied Measuring Instruments like Angle Protractor, Try Square, Angle Plates, Measuring
Tapes/Scales, Gauges, etc. |
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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. 39.41 |
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UK Pound |
1 |
Rs. 81.37 |
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Euro |
1 |
Rs. 58.56 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
-- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
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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37 |
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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