MIRA
INFORM REPORT
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Report Date : |
20.112006 |
IDENTIFICATION
DETAILS
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Name : |
DESIGN
QUEST |
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Registered Office : |
214/a,
Second Floor, Vinoba Puri, Lajpat Nagar – 2, New Delhi 110024, India |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1995 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELD05400D |
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Legal Form : |
Partnership
Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacture
and exporter of home furnishing and accessories |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
10000 |
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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 concern having satisfactory track record. Trade
relations are fair. Payment are usually correct and as per commitments. The
concern can be considered normal for business dealing at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
214/a,
Second Floor, Vinoba Puri, Lajpat Nagar – 2, New Delhi 110024, India |
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Tel. No.: |
91-11-29831847 |
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Fax No.: |
91-11-26826844 |
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E-Mail : |
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Website : |
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Area : |
3,000
sq. ft. approx |
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Location : |
Owned |
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Corporate
Office : |
19-A,
Shyam Nagar, Okhla, Phase – 3, New Delhi 110020, India. |
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Tel.
No.: |
91-11-26826844,
26920967 |
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Fax
No.: |
91-11-26826844 |
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Factory
1 : |
G-62,
Sector 6, Noida 201303, Uttar Pradesh |
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Tel.
No.: |
91-120-2422156,
4323720 |
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Fax
No.: |
91-120-2422156 |
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E-Mail
: |
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Web
ID : |
PARTNERS
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Name : |
Mr. S
M Kulkarni |
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Designation : |
Partners |
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Address : |
214-a,
Second Floor, Vinoba Puri, Lajpat Nagar – 2, New Delhi 110024 |
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Date of Birth/Age : |
49
years |
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Qualification : |
Graduate |
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Experience : |
15
years |
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Name : |
Mrs
Neela Kulkarni |
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Designation : |
Partners |
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Address : |
214-a,
Second Floor, Vinoba Puri, Lajpat Nagar – 2, New Delhi 110024 |
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Date of Birth/Age : |
46
years |
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Qualification : |
Graduate,
Diploma in Fashion Tech |
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Experience : |
12
years |
KEY EXECUTIVES
|
Name
: |
Mrs
Neela Kulkarni |
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Designation
: |
Chief
Executive Officer |
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Mobile
: |
91-9810301160, 9810139185 |
BUSINESS DETAILS
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Line of Business : |
Manufacture
and exporter of home furnishing and accessories |
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Products : |
Patch
Work Design Fabrics Cushions Ø
Velvet
with velvet patch Ø
Box
Cushions Ø
Jute
With Leather Cushions Ø
Organza
and Organdie Cushions Ø
Velvet
With Bead Work Cushions Curtains Ø
Leaf
Curtains Ø
Butterfly
Curtains Bed
Covers Ø
Velvet
Bed Covers Ø
Patch
Work Bed Covers Ø
Velvet
With Patch Bed Covers Ø
Hand
Quilted Design
Table Cover Embroidered
Leather Paper Tray Leather
Embroidered Jewellery Box Pen
Stands Ø
Leather
Pen Stands Ø
Fabrics
Pen Stands Ø
Recycled
Paper Pen Stands Leather
Paper Holder Photo
Frame |
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SExports to : |
France,
Germany, UK, Spain,Italy, Usa, Canada and Other European Countries |
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Terms : |
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Selling : |
On
Irrevocable Letterof Credit at sight / Document against Payment |
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Purchasing : |
On
Credit: 30 to 60 days |
PRODUCTION
STATUS
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Particulars |
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Actual Production |
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5,000 Pieces Per Month |
GENERAL
INFORMATION
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Customers : |
Ø
Wholesalers Ø
Retail
Outlets |
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No. of Employees : |
25 |
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Bankers : |
Corporation
Bank, Bank
of Maharashtra |
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Banking Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.3.000
Millions |
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Borrowed : |
-- |
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Total : |
Rs
3.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
31.03.2005 |
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Net worth |
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3.000 |
2.425 |
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Sales Turnover |
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25.000 |
20.000 |
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Profit/(Loss)
Before Tax |
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0.713 |
0.550 |
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Profit/(Loss)
After Tax |
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0.575 |
0.450 |
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KE RATIOS |
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LOCAL AGENCY
FURTHER INFORMATION
Industry
overview
The
exports of textiles (including handicrafts, jute and coir) formed 24.6% of
total exports from India in 2001 –2002, This percentage has decreased to
16.24% during the year 2004-2005. The textile exports recorded a growth of
15.3% in 2003-2003 and 8.75% in 2003-2004. During the year 2004-05, the
textile exports were Us$ 14,026.75 Million, recording a growth of 3.9% as
compared to the corresponding period of previous year.
The
textile exports during the financial year 2005-2006 have been US$ 17 billion
approx, which is about 22% higher that the exports during the preceding year.
The government of India has fixed a higher target of US$ 19.73 billion.
Man-made
textiles: The exports of man-made textiles recorded a growth of 30.2% in
2002-03 and 28.5% in 2003-04. During 2004-2005, man-made textiles exports were
US$ 2.05 billion, recording a growth of 12.6% as compared to the corresponding
period of 2003-04. During 2005-2006 the man-made textile exports have amounted
to US$ 2.00 billion, recording a decline of 2.47% over the exports during the
corresponding period of 2004-05
Handicrafts including Carpets: Exports of Handicrafts including carpet recorders growths of 24.4% in 2003-03 as compared to the compared to the pervious year. However, handicrafts including carpet exports have decline by 17.6% in 2003-04 as compared to the previous year i.e. 2002-03. During 2004-2005 handicrafts including carpet exports were US$ 1.01 billions, Showing a decline of 6.6% as compared to the corresponding period of 2003-04. During 2005-2006 the handcrafts exports have amounted to US$ 1.24 billion, recording an increase of 22.24% over the exports during the corresponding Period of 2004-2005.
Business
dealing are permissible. The subject is a manufacturer and exporter of home
furnishing and accessories. The subject is manufacturing cushion, Cushion,
Curtain, Bed cover, Table and Accessories Tray, Jewellery Box, Pen stands.
Paper holder & Photo frame and exporting to France, Germany, UK, Spain,
Italy, USE, Canada and other European countries on the selling terms of Letter
of Credit at sight and Documents against Payment basis.
MS
Neela Kulkarni (Age: 46 years), Managing Partner has started the business
activities and she is having experience of around 12 years and she looks after
production & marketing activities The subject Claims that it is a 100%
Export Oriented Company. Mr S M Kulkarni (Age: 49 years), is looking after
administrative activities.
Related
Parties Description (Subsidiaries, Joint-Ventures, Affiliates)
|
Name of the Company |
RUMAN
EDUCATIONAL AIDS COMPANY |
|
Address |
19-A,
Shyam Nagar, Okhla, Phase – 3, New Delhi 110020 |
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Phone |
91-11-26826844, 26920967 |
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Name
Of the Company |
TRIPLE
ESS PLASTIC INDUSTRIES |
|
Address |
19-A,
Shyam Nagar, Okhla, Phase – 3, New Delhi 110020 |
|
Phone |
91-11-26826844,
26920967 |
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Group Turnover |
Rs.
70.000 Million approx as claimed by the subject |
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 |
Rs44.70 |
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UK
Pound |
1 |
Rs.85.57 |
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Euro |
1 |
Rs.57.82 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
NO |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YESS |
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TOTAL |
|
46 |
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 |
|
|
>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 |
|
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 |
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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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