MIRA
INFORM REPORT
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Report Date : |
13.09.2007 |
IDENTIFICATION DETAILS
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Name : |
SPACE ONE |
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Registered Office : |
No. 105, 1st |
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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 Distributors of Furniture |
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 : |
Slow |
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Litigation : |
Clear |
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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
usually correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/Factor 1 : |
No. 105, 1st Main, New Timber Yard Layout, |
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Tel. No.: |
91-80-65347106 |
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Mobile No.: |
91-9845717208 / 9845717106 |
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Fax No.: |
91-80-26750185 |
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E-Mail : |
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Area : |
1150sq.fts |
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Location : |
Rented |
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Factory 2 : |
No.43, Raghav Nagar, New Timber Yard Layout, |
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Area : |
500sq.fts |
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Location : |
Rented |
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SOLE PROPRIETOR
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Name : |
Mr. R. M. Madhu |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 years |
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Qualification : |
Business |
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Experience : |
5 years |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Distributors of Furniture |
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Products : |
³
Office Furniture ³
Chairs ³
Tables ³
computer Tables ³
Sofa Sets |
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Terms : |
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Selling : |
Credit 30 days |
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Purchasing : |
Credit 15 days |
GENERAL INFORMATION
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Suppliers : |
³
Vishal Boards, ³
Balaji Inc, ³
Opel, |
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Customers : |
³
Zenith Software, ³
Kripa Agency, ³
BPL Snyo Limited, |
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No. of Employees : |
8 (Technical) |
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Bankers : |
³
Indian Bank, Timber Yard Layout, ³
ICICI Bank Limited, J.P. Nagar, |
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Facilities : |
Operating on own fund |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Vishruta Chartered Accountants |
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Address : |
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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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1.000 |
0.700 |
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Profit/Loss for the year |
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15% |
-- |
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LOCAL AGENCY FURTHER INFORMATION
³
Average Value of Inventories at any given time Rs.
0.200 million -.0.300 million
³ Monthly Production Capacity: 500 – 100 pieces
As per Web Details Attached:
Company Profile:
Subject is engaged as a manufacturer
of a versatile range of Office Furniture designed elegantly to enhance the
working environment and surroundings. They offer complete office seating
solutions that are designed to adapt to the growing business needs. The company
has been established in 2006 and being an emerging enterprise, they take care
that all their assignments and projects are executed with perfection and are up
to customers' expectation.
Quality
They are striving to
bring quality at such a high level that it becomes the hall mark of their
products. While designing and making the products, they aim to exceed rigorous
testing standards and international quality parameters. Special attention is
paid at each step of the production process and every product bears an
unmatched style.
They aim to redefine the parameters of quality by adopting modern technological
advances and ethical business practices. They boast of their ability to adhere
to strict and organized delivery schedules. They guarantee their customers of
flawless production and distribution of their products with their sophisticated
infrastructure and hi-tech production facilities.
Infrastructure
To capture a leading
position in the market, they have installed modern manufacturing tools and a
designing department. The machines and tools are operated by trained and
qualified technicians who have immense expertise in the industry. They are
assisted by a well established R&D facility that assists them in gaining
comprehensive industry knowledge and subsequently manufacture products that
meet growing market demands.
Their
Inspiration
While making a headway in
corporate, culture one vital aspect that needs attention is the ambiance of the
workplace. It is this need that has prompted them to evolve a whole new range
of office furniture that couples style and elegance with innovation and
efficiency of design.
Their
Philosophy
Their establishment is the
result of years of research and first hand experience at office-space designing
and space management. Their constant endeavor is to bring out models that are
trendy and sleek and at the same extremely easy on the body designed to fight
fatigue and increase work performance.
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.40.44 |
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1 |
Rs.82.01 |
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Euro |
1 |
Rs.56.20 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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 |
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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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
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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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