MIRA
INFORM REPORT
|
Report Date : |
10.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
KLOUD 9 INTERNATIONAL |
|
|
|
|
Registered Office : |
22, Manoj Industrial Premises, Wadala (West), Mumbai – 400 031,
Maharashtra. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Year of Establishment : |
2005 |
|
|
|
|
IEC No.: |
0305072919 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AABPJ0914B |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturers and Exporters of Stainless Household Utensils. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern doing satisfactory business at
present. Proprietor is reported as experienced, respectable and resourceful
businessman. His trade relations are fair. Payments are usually correct and
as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr. Mahipal Jain |
|
Designation : |
Chairman |
|
Date : |
25.06.2008 |
LOCATIONS
|
Registered Office : |
22, Manoj Industrial Premises, Wadala (West), Mumbai – 400 031,
Maharashtra, India. |
|
Tel. No.: |
91-22-24151200/ 24153600/ 24102100 |
|
Mobile No.: |
91-9821352976/ 9320060010 |
|
Fax No.: |
91-22-24152121 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
1000 sq.ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Opposite Jay Colony, Vasai(East) |
|
Area : |
25000 sq.ft. |
SOLE PROPRIETOR
|
Name : |
Mr. Mahipal Jain |
|
Designation : |
Proprietor |
|
Address : |
22, Manoj Industrial Premises, 40-A, G.D. Ambedkar Marg, Wadala
(West), Mumbai – 400 031, Maharashtra, India. |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
B Com |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers and Exporters of Stainless Household Utensils. |
|
|
|
|
Products : |
· Stainless Steel
Bowl · Stainless Steel
Dutch Oven · Stainless Steel
Stock Pots · Chafing Dish · Stainless Steel
Bar Tool Set · Stainless Steel
Champagne Bucket · Stainless Steel Mixing
Bowl · Stainless Steel
Oval Platter · Stainless Steel
Colanders · Stainless Steel
Chafing Dish · Stainless Steel
Canister · Stainless Steel
Soap Dispenser |
|
|
|
|
Exports : |
|
|
Products : |
Stainless Steel Household Products |
|
Countries : |
Middle East, Africa, Far East, USA |
|
|
|
|
Terms : |
|
|
Selling : |
Cash and Credit 30 to 60 days |
|
|
|
|
Purchasing : |
Cash and Credit 30 to 60 days |
GENERAL
INFORMATION
|
Customers : |
Wholesalers, Importers |
|
|
|
|
No. of Employees : |
26 (In office-13, In factory-13) |
|
|
|
|
Bankers : |
State Bank of Patiala |
|
|
|
|
Banking
Relations : |
Good |
|
|
|
|
Auditors : |
A.C. Kothari Chartered Accountants |
|
Address : |
Kalbadevi, Mumbai. |
|
Tel. No.: |
91-22-20517248 |
|
|
|
|
Associates/Subsidiaries : |
Killicks Frams 22, Manoj Industrial Premises, Wadala (West), Mumbai – 400 031,
Maharashtra, India. |
CAPITAL STRUCTURE
[all figures are in Rupees Millions]
Proprietors
Capital A/C
|
Particulars |
Amount |
Particulars |
Amount |
|
To Bank |
1.825 |
By Balance B\f |
0.349 |
|
To Advance Tax |
0.250 |
By Car |
0.506 |
|
To L.I.C Premium |
0.068 |
By Bank |
0.385 |
|
To Balance C\f |
0.074 |
By Net Profit |
0.976 |
|
|
|
|
|
|
|
2.216 |
|
2.216 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
|
1] Proprietor’s Capital |
|
|
0.074 |
|
|
2] Share Application Money |
|
|
0.000 |
|
|
3] Reserves & Surplus |
|
|
0.000 |
|
|
4] (Accumulated Losses) |
|
|
0.000 |
|
|
NETWORTH |
|
|
0.074 |
|
|
LOAN FUNDS |
|
|
|
|
|
1] Secured Loans |
|
|
0.000 |
|
|
2] Unsecured Loans |
|
|
0.370 |
|
|
TOTAL BORROWING |
|
|
0.370 |
|
|
DEFERRED TAX LIABILITIES |
|
|
|
|
|
|
|
|
0.000 |
|
|
TOTAL |
|
|
0.444 |
|
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
|
|
0.780 |
|
|
Capital work-in-progress |
|
|
0.000 |
|
|
|
|
|
|
|
|
INVESTMENT |
|
|
0.000 |
|
|
DEFERREX TAX ASSETS |
|
|
0.000 |
|
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
|
Inventories |
|
|
3.383 |
|
|
Sundry Debtors |
|
|
8.577 |
|
|
Cash & Bank Balances |
|
|
0.151 |
|
|
Other Current Assets |
|
|
5.291 |
|
|
Loans & Advances |
|
|
0.000 |
|
Total
Current Assets |
|
|
17.402 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
17.738 |
|
|
Provisions |
|
|
0.000 |
|
Total
Current Liabilities |
|
|
17.738 |
|
|
Net Current Assets |
|
|
(0.336) |
|
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
|
|
0.000 |
|
|
|
|
|
|
|
|
TOTAL |
|
|
0.444 |
|
PROFIT & LOSS ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover |
|
|
83.180 |
|
|
Other Income |
|
|
0.000 |
|
|
Total Income |
|
|
83.180 |
|
|
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
|
0.977 |
|
|
Provision for Taxation |
|
|
-- |
|
|
Profit/(Loss) After Tax |
|
|
0.977 |
|
|
|
|
|
|
|
|
Expenditures : |
|
|
|
|
|
|
Salaries, Wages, Bonus, etc. |
|
|
0.748 |
|
|
Rent |
|
|
0.324 |
|
|
Telephone Charges |
|
|
0.209 |
|
|
Interest |
|
|
0.350 |
|
|
Insurance Expenses |
|
|
0.071 |
|
|
Traveling and Conveyance |
|
|
0.272 |
|
|
Bank Charges |
|
|
0.248 |
|
|
Courier Charges |
|
|
0.209 |
|
|
Foreign Exchange Diff. |
|
|
0.480 |
|
|
Depreciation & Amortization |
|
|
0.166 |
|
|
Other Expenditure |
|
|
3.139 |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.03.2007 |
|
PAT / Total Income |
(%) |
|
|
1.17 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
1.17 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
5.37 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
13.20 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
244.70 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
0.98 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART:
|
Parameters |
Detail |
|
Existence
Verification |
|
|
Name |
KLOUD 9 INTERNATIONAL |
|
Address |
22, Manoj Industrial Premises, Wadala (West), Mumbai – 400 031,
Maharashtra, India. |
|
2nd
Address |
Opposite Jay Colony, Vasai (East) |
|
Phone/Mobile
Numbers |
91-9821352976 |
|
|
|
|
Statutory
Approvals |
|
|
Income Tax
Registration |
AABPJ0914B |
|
State Sales Tax
Registration |
27680500482 |
|
Import Export
Code |
P.No.-S-6SP-GEL 1015/2006 9XPICH |
|
Name Of the Bank |
State Bank Of Patiala |
|
Current Account
Number |
65006836285 |
|
Account Since |
April 2006 |
|
|
|
|
Credibility
Factors |
|
|
India Mart
Client Since |
3 Years |
|
Years Of
Establishment |
2005 |
|
|
|
OTHER INFORMATION:
Prospective business association, especially with their existing partners enthuse them to go ahead with no inhibitions, and now their products are being shipped to more than 20 countries world-wide. Most of their clients base is in following countries:
· U.S.A
· Europe
· Africa
· Far East
· Middle East
and many more. However, this does not deter them from their efforts to
expand into other unexplored markets and they would warmly solicit offers of business
association from all overseas sectors as they have immense capacities for
production of wide range of elegant and flawless products in stainless steel
Utensils range.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.43.13 |
|
UK Pound |
1 |
Rs.85.02 |
|
Euro |
1 |
Rs.67.77 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
4 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
52 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|