MIRA INFORM REPORT
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Report Date : |
9th May, 2006 |
IDENTIFICATION DETAILS
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Name : |
DIVINE |
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Registered Office : |
Plot No. 42,
Sector 32, Institutional Area, Gurgaon-122001, Haryana, India |
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Country: |
India |
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Financials as on: |
31.03.2005 |
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Date of Incorporation : |
September 2001 |
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Com. Reg. No.: |
-- |
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Legal Form : |
A sole proprietory concern. |
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Line of Business : |
Subject is engaged in importing and trading of carpets, fabrics |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
RATING
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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 15000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a well-established and reputed concern having satisfactory track records.
Proprietor is reported as experienced and respectable businessman. His 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. |
LOCATIONS
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Registered Office/
Corporate Office : |
Plot No. 42,
Sector 32, Institutional Area, Gurgaon-122001, Haryana, India |
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Tel. No.: |
91-124-5038750 |
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Fax No.: |
91-124-5038759 |
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E-Mail : |
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Website : |
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Area : |
14000 sq. fts. - Owned |
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Location : |
Industrial
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Branches : |
37, Pusa Road, Karol
Bagh, New Delhi – 110 008, India |
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Area : |
Owned |
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Showroom : |
Phone
No. : 91-124-5037191/93-96
Phone
No. : 91-11-25717468/25738138 Fax
No: 91-11-25753283 |
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SOLE PROPRIETOR
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Name : |
Mr. Subhas Khandelwal |
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Designation : |
Sole Proprietor |
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Address : |
37, Pusa Road, Karol Bagh, New Delhi – 110 008, India |
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Date of Birth/Age : |
50 years |
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Qualification : |
Graduate |
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Experience : |
25
Years |
BUSINESS DETAILS
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Line of Business : |
Subject is engaged in importing and trading of kronoted wooden
laminated flooring, wall to wall carpets, rugs, furnishing Items, fabrics. |
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Products : |
Carpets and fabrics |
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Agencies : |
Kronotex United Agencies Pte. Limited – Singapore |
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Exports to : |
Carpets to USA, Belgium, Germany, 1&2 shipment USA and UK |
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Imports from : |
USA, Belgium, Germany, China, Switzerland, Egypt, Turby |
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Terms : |
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Selling : |
L/C, Cash and Credit (60 days) |
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Purchasing : |
L/C, Credit (120 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers, Retailers, General and departmental stores |
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No. of Employees : |
Total
74 : 64 people in office + 10 in branch |
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Bankers : |
Ø
Bharat
Overseas Bank Limited, Arya Smaj Road, Karol Bagh, New Delhi – 110 005 |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory |
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Associates/Subsidiaries
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Floor & Furnishing (India) Private Limited, Gurgaon, Haryana |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.
2.902 millions |
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Borrowed : |
Rs.
0.840 millions |
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Total : |
Rs.
3.742 millions |
FINANCIAL
DATA
[all figures are in Rupees Millions]
ABRIDGED
BALANCE SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Proprietor Capital |
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2.902 |
2.166 |
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NETWORTH
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2.902 |
2.166 |
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LOAN FUNDS |
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1] Secured Loans |
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0.798 |
1.385 |
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2] Unsecured Loans |
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0.042 |
0.042 |
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TOTAL
BORROWING
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0.840 |
1.427 |
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DEFERRED TAX LIABILITIES |
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TOTAL
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3.742 |
3.593 |
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APPLICATION OF FUNDS
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FIXED ASSETS [Net Block]
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-- |
-- |
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Capital work-in-progress
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INVESTMENT
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-- |
-- |
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DEFERREX TAX ASSETS
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CURRENT ASSETS, LOANS & ADVANCES
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Stock of Material
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1.194 |
-- |
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Divine
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4.950 |
1.997 |
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Sundry Debtors
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4.836 |
9.873 |
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Cash in Hand
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0.015 |
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Fixed Deposit
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0.225 |
0.181 |
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Bank Accounts
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0.319 |
0.027 |
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Other Current Assets
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0.364 |
0.084 |
Total Current Assets
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11.888 |
12.177 |
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Less : CURRENT LIABILITIES & PROVISIONS
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Sundry Creditors
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8.072 |
8.455 |
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Duties and Taxes
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0.074 |
0.129 |
Total Current Liabilities
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8.146 |
8.584 |
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Net Current
Assets
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3.742 |
3.593 |
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MISCELLANEOUS EXPENSES
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-- |
-- |
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TOTAL
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3.742 |
3.593 |
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PROFIT & LOSS ACCOUNT
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
Sales Turnover [including other income]
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32.219 |
26.904 |
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Profit/(Loss) Before Tax
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0.736 |
0.603 |
Provision for Taxation
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-- |
-- |
Profit/(Loss) After Tax
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0.736 |
0.603 |
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Total Expenditure
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3.487 |
0.119 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
PAT / Total Income
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(%)
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2.284 |
2.241 |
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Net Profit Margin
(PBT/Sales) |
(%) |
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2.284 |
2.241 |
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Return on Total Assets
(PBT/Total Assets} |
(%) |
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6.191 |
0.049 |
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Return on Investment (ROI)
(PBT/Networth) |
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0.253 |
0.278 |
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Debt Equity Ratio
(Total Liability/Networth) |
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3.096 |
4.622 |
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Current Ratio
(Current Asset/Current
Liability) |
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1.459 |
1.418 |
LOCAL AGENCY FURTHER INFORMATION
It is in trade
terms with:
Ø
Super Classic India,
Delhi
Ø
Ocean World,
Mumbai.
Ø
Kronotex – Germany
Ø
United Agency –
Singapore
Ø
Ragollee – Belgium
Ø
Floor and Furnishing
(India) Private Limited, 2213, Gurudwara Road, Karol Bagh
Ø
Jagdish Store, Ring
Road, Lay Pat Nagar, New Delhi
Subject
imports wooden flooring carpets or fabrics and others
furnishing items.
Company is looking for expansion its business throughout the
country.
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Particulars |
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31.03.2006 (Expected) |
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Sales Turnover |
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190.000 |
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Imports Value |
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160.000 |
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Net Profit |
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6.000 |
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 |
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US
Dollar |
1 |
Rs. 45.30 |
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UK
Pound |
1 |
Rs. 78.45 |
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Euro |
1 |
Rs. 54.88 |
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 |
YES |
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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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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
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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 |