MIRA
INFORM REPORT
|
Report Date : |
17.04.2007 |
IDENTIFICATION
DETAILS
|
Name : |
NAVDURGA HANDICRAFTS |
|
|
|
|
Registered Office : |
D – 97, St. No. 6, Opposite Power House, Garhi Mendhu, Bhajan Pura,
New Delhi – 110053 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2007 |
|
|
|
|
Date of Incorporation : |
1999 |
|
|
|
|
TAN No.: [Tax
Deduction & Collection Account No.] |
DELN05133C |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Supplier of Handicrafts |
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 20000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well – established and reputed concern having
satisfactory track. Proprietor is reported as experienced and respectable
businessmen. 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
|
Registered Office/Factory : |
D – 97, St. No. 6, Opposite Power House, Garhi Mendhu, Bhajan Pura,
New Delhi – 110053 |
|
Tel. No.: |
91-11-22199332 |
|
Mobile No.: |
91-9810055339/9310535000 |
|
Fax No.: |
91-11-22199332 |
|
E-Mail : |
|
|
Website : |
|
|
Area: |
150 Sq. fts |
|
Location: |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Ram Bhool Aggarwal |
|
Designation : |
Proprietor |
|
Mobile No. : |
91-9310535002/9810055339/9310535000/9310535001 |
|
Date of Birth/Age : |
43 Years |
|
Qualification : |
Graduate |
|
Experience : |
22 Years |
|
Date of Appointment : |
|
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Handicrafts |
|
|
|
|
Products : |
v Belts v Cords v Tassels v Tiebacks v Brouch |
|
|
|
|
Exports : |
|
|
Countries : |
Europe, Australia, UAE, Holland (80% Export of Production) |
|
|
|
|
Terms : |
|
|
Selling : |
L/C only and Cash or 30 days Credit |
|
|
|
|
Purchasing : |
L/C, DA & DP – Cash or 30 days Credit |
GENERAL
INFORMATION
|
No. of Employees : |
23 |
|
|
|
|
Bankers : |
Bank of Baroda, Bhajan Pura, Delhi – 110053 |
|
|
|
|
Facilities : |
OD of Rs. 0.700 Millions |
|
|
|
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Memberships : |
Export Promotion Council for Handicrafts |
|
|
|
|
Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 5.000 Millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2007 |
31.03.2006 |
|
Sales Turnover |
|
20.000 |
18.000 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
13% |
NA |
|
Provision for Taxation |
|
-- |
-- |
|
Profit/(Loss) After Tax |
|
9% |
NA |
Expected Sales (2007-08) : Rs. 25.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Business
Tassels like tie backs, frienge and brush laces, bullion frienge, cords,
trimmings, Fashion Belts, X – Mas Ornaments, Made – Ups Ornaments, Made-ups,
and Home Furnishing Items
As per website details
Profile
Nav Durga Handicrafts is one of the leading companies in Delhi,
exporting Indian artistic handicrafts items & X-mas decorative ornaments to
European & American markets. They have impressive collections of tassels,
key tassels, home furnishings , trimmings of best hand crafted . They have a
prestigious range of premium quality handloom made ups in large varieties.
Having good production capacity of extreme quality of export , has gained
valuable relations in the overseas markets for a very little period of one year
while they are leading the Indian market for last 8 years . It is a proprietorship
concern with the good team of competent & creative staff . Allover they
care & try of their best to meet each and every demand of their customers
Quality
Superior quality, complete customers satisfaction are the hallmarks of
their products. Their professional and quality conscious approach to the
business has made us a reliable name in the domestic and international market.
Every member of their team is an expert in his/her area of operation that
assures best of the products.
The most difficult
aspect of doing business is building trust among customers. Therefore, they
undergo a continuous process of achieving and maintaining highest standard of
quality, keeping in mind the needs, and having confidence in their products is
of prime importance for us. Each one i.e. the employee as well as the
management is responsible to follow the rigid quality control measures that
have been put into effect.
They have
sectionalized their quality control department based on nature of products.
Each department is headed by quality inspectors, who check the products at
various levels. They have successfully set all the International standards of
quality. For us quality plays a vital role. They look forward to have a long
term business relationship with you.
Infrastructure
Their strong infrastructure facilities and sophisticated technologies
facilitate coordination in their work processes. The company employs high
professional standards aimed at entrepreneurial excellence with scheduled
delivery of quality products.
The company is
manned by a team of qualified designers, quality controllers, finishing and
packing staff i.e Each department is looked after by the expert guidance of the
concerned manager. Their commitment to quality alongwith timely delivery of
bulk orders has earned us a good repute in the International market.
They are committed
to customer satisfaction and hence, have a customer-oriented approach. This
attitude envelops the entire organization and influences every function.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.42.15 |
|
UK Pound |
1 |
Rs.84.38 |
|
Euro |
1 |
Rs.57.22 |
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 |
NO |
|
--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 |
|