MIRA
INFORM REPORT
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Report Date : |
02.02.2008 |
IDENTIFICATION
DETAILS
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Name : |
FLEXIMAGE TECHNOLOGIES |
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Registered Office : |
# 57, 5th Main, 6th Cross, RPC Layout,
Vijaynagar, Bangalore – 56040, Karnataka |
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Country : |
India |
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Date of Incorporation : |
2007 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Subject provides Computer Aided Drafting / Design, CAM, Custom
Software Development Services. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4800 |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish itself. Proprietor is a young
and energetic businessman. No further details could be made available. The concern can be considered for small to mediocre business dealings
on safe and secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office/ Service Centre
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# 57, 5th Main, 6th Cross, RPC Layout,
Vijaynagar, Bangalore – 56040, Karnataka, India |
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Tel. No.: |
91-80-23101369 |
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Mobile No.: |
91-9845592775 |
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E-Mail : |
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Website : |
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Area : |
500 sq. ft. [Rented] |
SOLE PROPRIETOR
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Name : |
Mr. Adavesh Magdum |
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Designation : |
Proprietor |
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Date of Birth/Age : |
27 Years |
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Qualification : |
Diploma in Mechanical Engineering |
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Experience : |
6 Years |
BUSINESS DETAILS
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Line of Business : |
Subject provides Computer Aided Drafting / Design, CAM, Custom
Software Development Services. |
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Exports : |
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Countries : |
Germany, USA and Singapore |
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Terms : |
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Selling : |
Local Purchase : 30 days |
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Purchasing : |
Direct W/T 5 days and Local Sales : 30 days |
GENERAL
INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
6 |
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Bankers : |
State Bank of Mysore, Vijaynagar, Bangalore – 560040 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Shenoy and Company Chartered Accountants |
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Address : |
Bangalore |
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Memberships : |
Tool and Gauge Manufacturers Association |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.200 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.200 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
Net Profit Indicated around 15 %
Concern planning to export 10 to 15 % of Total Turnover
LOCAL AGENCY
FURTHER INFORMATION
AS PER WEBSITE
Organization Overview :
Subject is based in Bangalore, the machine tool
capital and silicon city of India focusing on providing CAD (Computer Aided
Drafting / Design), CAM, Custom Software Development services to clients who
are lookingfor value added, low cost, high Quality services and technology
solutions. Their foundation, culture, values, vision and mission is to provide
the quality product to their customer. Their Quality professionals have
extensive range of experience, education and training.
They are supported by a group of highly competent computer,
financial, administrative and welding engineers.
They have built a team of trained and experienced engineers and professionals.
Ongoing development in the latest technology for their employees is also their
vision. They will be on an endless quest to finding the newest and best talent
to add to their team and network of professionals.
Subject
is committed to offer integrated solutions in the most efficient
manner, and is operating in accordance to the international standards of business
administration, which require a simple and flexible, yet efficient structure.
They also have a auditor in their Quality staff. Some of their quality staff
has completed advanced technical training, graduate courses and/or hold
advanced degrees. These Qualifications, together with a dedication to quality
and service, allow them to offer a blend of quality product that is unique in
their Industry.
Throughout its history subject
has found that careful processing, attention-to-detail, utilization of modern
well-maintained equipment and adherence to an effective production control
system reduces cost and improves quality. Their employees will choose to be
employed by subject because of
the company's culture and subject
endless mission to service their employees and clients.
Organizational Structure of the concern approaches the market through its sales
department, through account managers, trained to deliver solutions to each market
segment. Each account manager specializes in solutions that suit perfectly each
customer needs and the industry that operates. Thus the client’s benefit is
maximized, in cost and taking advantage of the experience that has been gained
through the implementation of the proposed solution in similar businesses.
Services Overview :
Their
service ranges is very vast consisting of
Paper to CAD conversion, 2D to 3D conversion, 3DModeling. E-Services
provided are CAD/CAM, Mechanical design, IT solutions and consultancy services.
With that success, and ambition to develop further comes a parallel ambition to
use their skills and resources in other ways to benefit the wider community.
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.39.36 |
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UK Pound |
1 |
Rs.78.29 |
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Euro |
1 |
Rs.58.48 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
1 |
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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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11 |
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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