MIRA
INFORM REPORT
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Report Date : |
22.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MIST MAGIC |
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Registered Office : |
A- 247, 1st Floor, Ambey Complex, Near Nanda Hospital, Main
Road, Chattarpur Extension, New Delhi 110 074 |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of various kinds of misting system,
fogging system and cooling systems. |
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 75000 |
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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. Proprietor is reported as experienced and respectable businessman.
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. |
INFORMATION PARTED
BY
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Name : |
Ms. Manju Saraogi |
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Designation : |
Proprietor |
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Contact No.: |
91-9810800444 |
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Date : |
20.12.2008 |
LOCATIONS
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Registered Office : |
A- 247, 1st Floor, Ambey Complex, Near Nanda Hospital, Main
Road, Chattarpur Extension, New Delhi 110 074 |
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Tel. No.: |
91-11-26806431 / 26806430 |
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Mobile No.: |
91-9810800444 |
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Fax No.: |
91-11-26806430 / 26147287 |
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E-Mail : |
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Website : |
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Area : |
3500 sq. fts. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Ms. Manju Saraogi |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of various kinds of misting system,
fogging system and cooling systems. |
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Products : |
Ø Outdoor Fogging
System Ø Outdoor Misting
System Ø Outdoor Cooling
System Ø Ambient Cooling
System Ø Landscaping
Cooling Ø Industrial
Cooling System Ø Industrial
Humidifier Ø Mist Fan Ø Fog Fan |
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Exports : |
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Product : |
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Countries : |
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Imports : |
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Product : |
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Countries : |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
PRODUCTION STATUS
Capacity to increase production by: 50%
GENERAL
INFORMATION
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Customers : |
Ø Apollo Hospital,
New Delhi Ø Appu Ghar, New
Delhi Ø Olive
Restaurant, New Delhi Ø Thai Wok
Restaurant, New Delhi Ø Machan Machan,
Nagpur Ø 3c’s Food Court,
New Delhi Ø Bistro, New
Delhi Ø The Park Hotel,
New Delhi Ø The Charcoal
Grill, Chowpatty Mumbai Ø The Clarks Amer,
Hotel Jaipur Ø The Grand, New
Delhi Ø Neema Rana
Restaurant, Delhi-Jaipur Highway Ø Haveli,
Jalandhar |
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No. of Employees : |
12 |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Auditor : |
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Name : |
Radheshyam and Sons Chartered Accountant New Delhi, India. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 15.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 15.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2008 |
31.03.2007 |
31.03.2006 |
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Sales Turnover |
35.000 |
30.000 |
25.000 |
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Profit/Loss for the year |
NA |
13% |
13% |
LOCAL AGENCY
FURTHER INFORMATION
Profile
Subject is one of India's leading manufacturers and exporters of various kinds of misting system, fogging system & cooling system such as Outdoor Fogging System, Outdoor Misting System, Outdoor Cooling System, Ambient Cooling System, Landscaping Cooling & Industrial Cooling System etc. Mist Magic has always maintained its tradition of offering high quality products to its esteemed buyers. The combination of cutting edge technology and pro-active client services has helped them to meet the exacting requirements of their clients and the industry standards.
Their Manufacturing Facilities
Mist Magic possesses a state-of-the-art, manufacturing unit where latest
machinery and technology is used to deliver high level of efficiency and
facilitate the maintenance of excellent work culture. They have adopted the
corporate ideology i.e. "Adoption of Zero Error policy" and they are
backed by highly talented and skilled experts and professionals.
Mist Magic highest quality products have been designed to provide unique
solution with significant saving in energy consumption and cost associated with
downtime for schedule maintenance.
Their cooling and fogging system finds application in various fields such as:
- Homes
- Hotels and Resorts
- Industrial Usage
- Gardens and Orchards
- Livestock and Poultry
- Sports
- Agricultural Storage
- Shopping Malls and Multiplexes
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Low Energy Consumption |
Hassle Free Maintenance |
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No Water Wastage |
Fuel Efficient Power Back- Up |
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Low cost in built Ducting |
Scientific Humidity Regulation |
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Small Size, Convenient Plant & Machinery |
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The key to success in their business is being customer focused, synthesizing
strategic planning and execution strategies. In this regard, they are striving for
continuous improvement. Their ability to deliver products in a timely and
reliable manner has earned them a huge client base. They are regularly
exporting to many overseas countries.
TRADE REFERENCES
Ø Neema Rana Restaurant, Delhi, Jaipur Highway
Ø The Grand, New Delhi
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 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 |
|
US Dollar |
1 |
Rs.47.08 |
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UK Pound |
1 |
Rs.71.17 |
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Euro |
1 |
Rs.66.98 |
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 |
YES |
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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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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/normal. |
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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