MIRA
INFORM REPORT
|
Report Date : |
15.07.2008 |
IDENTIFICATION
DETAILS
|
Name : |
N - RACK ACCESSORIES |
|
|
|
|
Registered Office : |
No. 2930, 14th Main, RPC Layout, Attiguppa, Vijayanagar, Bangalore
– 560 040, Karnataka. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
2000 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
BLRN03199A |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAFFN4197C |
|
|
|
|
Legal Form : |
Partnership concern with an unlimited liability of the partners. |
|
|
|
|
Line of Business : |
Manufacturers, Exporters, Importers and Suppliers of Control Panel Hardware
such as Electrical Switch Boards, Enclosures for various Industrial
applications. |
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 |
|
Maximum Credit Limit : |
USD 10000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established and reputed concern meeting its normal
commitments timeously. Trade relations are fair. Business is active. Nothing adverse reported. The concern can be considered good for normal business dealings. |
LOCATIONS
|
Registered Office : |
No. 2930, 14th Main, RPC Layout, Attiguppa, Vijayanagar,
Bangalore – 560 040, Karnataka, India. |
|
Tel. No.: |
91-80-23217572 |
|
Fax No.: |
91-80-23217572 |
|
E-Mail : |
|
|
Website : |
|
|
Area : |
2000 sq.ft. |
|
Location : |
Rented |
PARTNERS
|
Name : |
Mrs. Sangeeta Shetty |
|
Designation : |
Partner |
|
Date of Birth/Age : |
42 Years |
|
Qualification : |
Diploma |
|
|
|
|
Name : |
Mr. Santosh Kumar Shetty |
|
Designation : |
Partner |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
Graduate |
|
|
|
KEY EXECUTIVES
|
Name : |
Mr. Prasanth Shetty |
|
Designation : |
Director |
|
|
|
|
Name : |
Mr. David |
|
Designation : |
Director-Marketing |
|
Mobile No. : |
91-9886497063 |
BUSINESS DETAILS
|
Line of Business : |
Manufacturers, Exporters, Importers and Suppliers of Control Panel Hardware
such as Electrical Switch Boards, Enclosures for various Industrial
applications. |
|
|
|
|
Products : |
· Diesel Generator
Sets · Panel Locks · 3 Point Locks · Hinges · Filters · Handles · Cross Link
Polyethylene · Air Vents · XLPE-foam
Gaskets · EPDM Gaskets · Other Accessories |
|
|
|
|
Exports : |
|
|
Countries : |
Oman, United Arab Emirates, Nepal, Bhutan, Africa |
|
|
|
|
Imports : |
|
|
Countries : |
China, Japan, Canada |
|
|
|
|
Terms : |
|
|
Selling : |
Export :– Open Credit 90 days and Local Sale :– 60 to 90 days |
|
|
|
|
Purchasing : |
Import :- Advance or Direct and Local Purchase :- 60 days |
GENERAL
INFORMATION
|
Suppliers : |
· Wenzhou Haitan
Magnetic Locks - China · Jainsa Group – Mumbai · Encoz - Delhi |
|
|
|
|
Customers : |
· A B B Limited · Land T · Tyco Electronics
Private Limited · G E Group |
|
|
|
|
No. of Employees : |
About 12 |
|
|
|
|
Bankers : |
Vijaya Bank Vijaynagar, Bangalore – 560 040, Karnataka, India. |
|
|
|
|
Facilities : |
About Rs.1.500 millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
B.C. Shetty Company Chartered Accountants |
|
Address : |
Bangalore |
|
|
|
|
Memberships : |
· The Karnataka Small
Scale Industries Association (KASSIA) · Federation of
Indian Chambers of Commerce and Industry (FICCI) · Small Scale
Industries · ISO: 9001: 2000 |
|
|
|
|
Associates/Subsidiaries : |
· N Rack Systems (Bangalore) |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
About Rs.2.000 millions |
|
Borrowed : |
-- |
|
Total : |
About Rs.2.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
38.000 |
26.500 |
|
|
|
|
|
|
Profit/Loss for the year |
|
About 10 to 15% |
About 10 to15% |
|
|
|
|
|
|
Export Value |
|
2.000 |
1.500 |
|
|
|
|
|
|
Import Value |
|
15.000 |
10.000 |
Normal Inventory Level about Rs.4.000 millions
LOCAL AGENCY FURTHER
INFORMATION
NIL
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.42.82 |
|
UK Pound |
1 |
Rs.84.89 |
|
Euro |
1 |
Rs.68.07 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
4 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--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 |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
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 |
|