MIRA
INFORM REPORT
|
Report Date : |
31.10.2006 |
IDENTIFICATION
DETAILS
|
Name : |
KRISHTIE
ANTIQUE ART SALES |
|
|
|
|
Registered Office : |
No. 7,
Airport Road, Domlur, Bangalore – 560 071, Karnataka, India. |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2006 |
|
|
|
|
Date of Incorporation : |
1992 |
|
|
|
|
Legal Form : |
Sole
Proprietory Concern |
|
|
|
|
Line of Business : |
The subject is involved in buying and selling antiques and collectable marketing the articles both in India and Abroad. They are also dealing in chosen works of Art Furniture & Paintings. |
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 : |
Usually
Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject
is an established Proprietory Concern engaged in very specialised field of
antique and art. Trade relations are fair. Sales is lower but profit margin
is good. Payments are usually correct and as per commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
No. 7,
Airport Road, Domlur, Bangalore – 560 071, Karnataka, India. |
|
Tel. No.: |
91-80-57605439/
5577334 |
|
Fax No.: |
91-80-25353399/
23536777 |
|
E-Mail : |
|
|
Area : |
1000
sq. ft. |
|
Location : |
Leased
|
|
|
|
|
Branch: |
31,
Harris Road, Benson Town, Bangalore – 560 046, Karnataka, India. |
SOLE PROPRIETOR
|
Name : |
Mr. V.
Krishna Reddy |
|
Designation : |
Proprietor
|
|
Date of Birth/Age : |
59
Years |
|
Qualification : |
Graduate
|
|
Experience : |
30
Years |
BUSINESS DETAILS
|
Line of Business : |
The subject is involved in buying and selling antiques and collectable marketing the articles both in India and Abroad. They also dealing in chosen works of Art Furniture & Paintings. |
|
|
|
|
Exports to : |
USA, Singapore, Australia, Germany and
European Countries |
|
|
|
|
Imports from : |
UK and
USA |
GENERAL
INFORMATION
|
Suppliers : |
Ř
Christie
Auctioneers (UK) Ř
Southbays
Auction Ř
Scotts
(USA) |
|
|
|
|
Customers : |
General
Public |
|
|
|
|
No. of Employees : |
10 |
|
|
|
|
Bankers : |
Ř
State
Bank of Mysore, Indira Nagar, Bangalore – 560 038, Karnataka, India. Ř
Vijaya
Bank, Domlur, Bangalore – 560 071, Karnataka, India. |
|
|
|
|
Facilities : |
-- |
|
|
|
|
Banking Relations : |
-- |
|
|
|
|
Auditors : |
Gupta
Chittur Chartered
Accountant |
|
|
|
|
Associates: |
Christies
Antique Auctioneers (UK) |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
2.500 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs.
2.500 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
1.000 |
0.558 |
0.400 |
|
|
|
|
|
|
Profit/Loss for the year |
0.100 |
0.041 |
0.038 |
|
|
|
|
|
|
Export Value |
0.100 |
0.055 |
0.040 |
|
|
|
|
|
|
Import Value |
0.400 |
0.223 |
0.160 |
Average
Stock maintained: Rs. 2.500 Millions.
LOCAL AGENCY
FURTHER INFORMATION
The
proprietor has been a collector of Antiques for the past 25 years. Widely
travelled in India and abroad to secure Antiques & Collectables. He has
acquired adequa to knowledge regarding Antiques Valuation and classification,
thus establishing integrity in the market.
AS
PER WEBSITE:
Subject
was established in the year 1992, owned and managed by a highly proficient and
experienced professional, Mr. V. Krishna Reddy. Mr. Reddy has been a collector
of Antiques for the past 25 years and thus; he is able to present a unique
collection of Antiques for his clients. Mr. Reddy has been a member of the
world famous Christie's Antique Auctioneers and Dealers in England for over 30
years. This membership has contributed greatly in improving his knowledge
regarding Antiques Valuation and Classification.
Their line of activities includes buying
and selling of Antiques and Collectibles. They secure these Antiques from
various individuals and owners. Their art gallery is the only shop in South
India selling Real Antiques and Collectibles. The Furniture that is kept for
sale is much cheaper than what is manufactured in the market. Most of the Furniture’s
are made up of Pure Rose Wood and Teak Wood (Burma Teak), which gives them a
unique identity and vintage look.
They
also own a sister concern with the name Vallivedu Raja Canning Private Limited.
It was incepted in the year 1982 under the complete supervision of Mr. Reddy.
The company is exhaustively engaged in manufacturing and export of Mango Pulp
to several countries like Singapore, Malaysia, Dubai, Saudi Arabia and
Thailand. The company holds expertize in manufacturing and exporting Mango Pulps
like Alphonso Mango Pulps and Totapuri Mango Pulp.
It is an
honour to state that the Government of Andhra Pradesh has selected Mr. Reddy as
one the delegates to improve the sales of Fresh Mangoes and Mango Pulp and has
sent him in the Trade delegation to several places like Middle East, England,
Bangkok, Hong Kong, Singapore etc.
Its Products Range include:
Antiques: Paintings, Chandeliers, Vases, and Clocks. Manufacturer and Exporter of Mango Pulp: Alfonso Mango Pulp and Totapuri Mango Pulp
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. 44.93 |
|
UK
Pound |
1 |
Rs. 85.71 |
|
Euro |
1 |
Rs. 57.34 |
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 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--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 |
NO |
|
--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/normal. |
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 |
|