MIRA
INFORM REPORT
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Report Date : |
25.09.2007 |
IDENTIFICATION DETAILS
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Name : |
INDO INTERNATIONAL |
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Registered Office : |
Crescent Chambers, 4th Floor, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUMI02714F |
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PAN No.: [Permanent
Account No.] |
AAAFI7244N |
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Legal Form : |
Partnership Concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer of Gas Mantles and Kerosene Pressure Appliances. |
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 40000 |
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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 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 : |
Crescent Chambers, 4th Floor, |
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Tel. No.: |
91-22-22656690 |
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Fax No.: |
91-22-22654081 |
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E-Mail : |
info@indo-international.com , ukarnani@indo-international.com
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Website : |
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Factory 1 : |
Located at: +
Jogeshwari, Mumbai, +
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Area : |
11000 sq. ft. |
PARTNERS
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Name : |
Mr. Jitendra Karnani |
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Designation : |
Partner |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Post Graduate |
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Experience : |
23 Years |
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Name : |
Mr. Umesh Karnani |
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Designation : |
Partner |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Post graduate |
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Experience : |
22 Years |
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Name : |
Mr. Menkadevi Karnani |
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Designation : |
Partner |
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Name : |
Mrs. Archana Karnani |
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Designation : |
Partner |
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Name : |
Mrs. Vrinda Karnani |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Gas Mantles and Kerosene Pressure Appliances. |
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Products : |
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Exports : |
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Products : |
Gas Mantles |
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Countries : |
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Imports : |
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Products : |
Raw Materials and Machinery |
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Countries : |
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Terms : |
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Selling : |
L/C or D/P terms |
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Purchasing : |
L/C or D/P terms |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Around 200 |
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Bankers : |
Allahabad Bank, Forex Fort, Mumbai-400001, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sabu and Company Chartered Accountants |
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Address : |
Mumbai, |
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Sister Concerns : |
Ř Prabhat Udyog
Limited -- Manufacturers of Kerosene /Paraffin
Appliances for Cooking and Lighting
Ř
Indo --Manufacturers of
Kerosene /Paraffin Appliances for Cooking and Lighting |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 10.000 millions (as on 31.03.2004) |
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Borrowed : |
Nil |
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Total : |
Rs. 10.000 millions (as on 31.03.2004) |
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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120.000 |
80.000 – 90.000 |
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Expected Sales (2007-08) : Rs. 160.000 millions
LOCAL AGENCY FURTHER INFORMATION
As Per Web:
Profile :
Established in 1991 to cater to the overseas
markets, Indo International
started off by manufacturing and exporting mantles to companies dealing in
camping goods. Today, as manufacturers of kerosene/paraffin pressure stoves, roarer
and silent burners for kerosene/paraffin pressure stoves, kerosene/paraffin
pressure lamps, all types of mantles, kerosene/paraffin blow lamps, gas stoves,
gas lamps, canteen burners and lighters for gas stoves, Indo International
supplies its products to companies dealing in branded products in USA, Canada,
England, Sweden, France, Italy, The Netherlands, Portugal, Israel, Japan,
Australia, South Africa, Zimbabwe, Brazil, Uruguay, Hongkong and Korea.
Indo
International's parent company, Prabhat Udyog Limited has been manufacturing kerosene/paraffin
appliances for cooking and lighting in
The products offered by Indo International
have diverse applications. Whilst in developed countries they are used for
leisure activities like camping and fishing in the under developed countries
they are used as essentials for everyday cooking and lighting.
A strong commitment to quality and strict
adherence to delivery schedules have helped Indo International establish itself as a reliable supplier of
high quality products to reputed companies around the world. Indo International endeavors to
further strengthen its presence in the various markets it participates in by
continuously making improvements in its products and adapting them to the
specific requirements of its customers.
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.39.82 |
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1 |
Rs.80.85 |
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Euro |
1 |
Rs.56.22 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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54 |
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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