MIRA
INFORM REPORT
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Report Date : |
01.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
BEADMAN
INCORPORATION |
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Registered Office : |
C-15/314-1B,
Lallapura, Varanasi – 221 010, Uttar Pradesh, India. |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer,
Exporter and Trader of Glass Beads. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
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Status : |
Small
Concern |
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Payment Behaviour : |
Usually
Correct |
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Litigation : |
Clear |
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Comments : |
Subject
is a small concern in its field. Trade relations are fair. Payments are
usually correct and as per commitments. The
company can be considered for small to mediocre business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office/ Factory: |
C-15/314-1B,
Lallapura, Varanasi – 221 010, Uttar Pradesh, India. |
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Tel. No.: |
91-542-2394660/
2403335 |
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Fax No.: |
91-542-2394660 |
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E-Mail : |
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Website: |
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Area : |
6000
sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr.
Mangal Dass |
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Designation : |
Partners
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Date of Birth/Age : |
36
Years |
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Qualification : |
Graduate
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Experience : |
10
Years |
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Name : |
Mrs.
Rita Patel |
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Designation : |
Partners
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Date of Birth/Age : |
32
Years |
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Qualification : |
Graduate
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BUSINESS DETAILS
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Line of Business : |
Manufacturer,
Exporter and Trader of Glass Beads. |
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Exports to : |
USA,
UK, Europe, Middle East & Canada. |
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Terms : |
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Selling : |
L/C,
Cash & Credit |
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Purchasing : |
Sight,
Cash & Credit (22 days) |
GENERAL
INFORMATION
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Customers: |
Local
Customers and End Users |
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No. of Employees : |
13 |
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Bankers : |
Allahabad
Bank, Int. Branch, Varanasi |
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Facilities : |
-- |
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Banking Relations : |
Satisfactory
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Auditors : |
Not
Permanent |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.500 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
1.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
9.400 |
8.000 |
7.500 |
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Profit/Loss for the year |
0.750 |
0.675 |
0.645 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References:
Banaras
Bead House Limited
AS
PER WEBSITE:
Established
in 1959, Beadman Incorporation
is one of the largest manufacturers and exporters of Beads in India. Based in
Varanasi, a famous place for handicraft items, they are well known for making
quality beads in India. They have a range of 2,00,000 designs of Glass Beads. They also produce Bone Beads, Metal Beads, Sterling Silver Beads, Horn
Beads, Wooden Beads, Clay Beads, Wooden Handicrafts, Stone Handicrafts, Bone
Handicrafts and Metal Handicrafts like Pillboxes, Chess, Statue, Smoking
Chillums and Pipes, Handmade Necklaces strung in wire, etc.
Now, the company is diving into precious
and semi-precious beads and gemstone production.
Their complete range of beads include:
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Glass Beads |
Faceted Beads |
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Metal Beads |
Horn Beads |
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Bone Beads |
Wooden Beads |
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Kashmiri Beads |
Rudraksh |
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Clay Beads |
Ceramic Beads |
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Handmade Artificial Jewelry |
Sterling Silver Beads |
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Lampwork Beads |
Beading Wire |
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Mix Beads |
Finding Kits |
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Seed Beads |
Jewelry Bags |
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Fire Polished Beads |
Pendants |
Their enterprise is
now run by the third generation propagating the legacy of bead making. They
have staffed a broad spectrum of 5000 professional craftsmen who are highly
skilled and dedicated. They are capable of executing orders of any color, size,
design and quantity. Their production process and facilities have resulted in
supplying outstanding range of beads in the international market. Their firm
sends real samples along with price to customers for their specified products
within 48 hours.
Thriving on masterpiece craftsmanship and creative ingenuity, they manufacture
and export a wide spectrum of beads, jewelry and fashion wear. With a high
level of industry expertise, manufacturing capability and easy access to raw
material, they have been successfully catering to the bulk requirements of
these products in the market for the last four decades. Their strong logistic
support and systematic work procedure enable us to deliver their products
within the stipulated time to their customers.
They possess a state-of-the-art-manufacturing unit backed by a dedicated team
of professionals. Their designers have wide experience and hold a high degree
of expertise. They have an efficient supply chain management team that is
poised to deliver consignments at the client's doorstep within the pre-scheduled
time period. They lay high emphasis on the quality of the products right from
the procurement of the raw material to the final stage of packaging. They
follow stringent quality control measures and ensure that their products are
endowed with novel and innovative features along with international quality
standards.
There are various features that distinguish us from their parallel competitors,
like:
Ø Reasonable prices
Ø Vast material resources
Ø Efficient management
Ø Timely delivery schedules
Ø Industry leading prices
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
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Indian Rupees |
|
US
Dollar |
1 |
Rs. 44.93 |
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UK
Pound |
1 |
Rs. 85.71 |
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Euro |
1 |
Rs. 57.34 |
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 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
4 |
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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 |
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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39 |
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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