MIRA
INFORM REPORT
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Report Date : |
09.08.2007 |
IDENTIFICATION DETAILS
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Name : |
KOKASIS ART AND CRAFTS |
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Registered Office : |
G-17, 1ST Phase, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2002 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Painted Furniture and Handicrafts. |
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. |
Small |
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Maximum Credit Limit : |
USD 2000 |
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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 it’s field. Trade relations are fair.
Payments are usually correct and as per commitments. The concern can be considered for small to mediocre business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
G-17, 1ST Phase, Police Chowki Road, Boranada Industrial
Area, Jodhpur – 342005, Rajasthan, India |
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Tel. No.: |
91-2931-281771 |
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Mobile No.: |
91-9314219007 |
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E-Mail : |
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Website : |
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Area : |
1800 sq. mtrs. [Owned] |
SOLE PROPRIETOR
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Name : |
Mr. Hemant Sharma |
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Designation : |
Proprietor |
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Date of Birth/Age : |
27 Years |
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Qualification : |
Graduate Commerce |
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Experience : |
5 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Painted Furniture and Handicrafts. |
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Product : |
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All types of Painted Wooden Furniture ·
Handcrafted Cloth Paintings ·
Painted Leather Shields ·
Gold & Embossed Paintings, etc. |
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Terms : |
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Selling : |
L/C, Cash and Credit |
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Purchasing : |
L/C, Cash, Credit [60 days] and at Sight |
GENERAL INFORMATION
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Customers : |
Local Customers and End Users |
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No. of Employees : |
20 [In Office : 5 and In Factory : 15] |
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Bankers : |
Axis Bank, |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Jagdishji Rathi and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 0.500 Million |
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Borrowed : |
-- |
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Total : |
Rs. 0.500 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
3.000 |
2.700 |
2.500 |
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Profit/Loss for the year |
0.420 |
0.350 |
0.200 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE
- Local
Customers
- Prince Art
Export, Basni Jodhpur
AS PER WEBSITE
Profile
Painting is one of the most aesthetic forms of art that generates an enchanting
feeling wherever it is displayed. Subject
highlights this tradition of art in its range of varied products. Established
in 1984, the company has created a yardstick in its arena in the worldwide
market. They are a leading manufacturer
and exporter of all types of Painted Wooden Furniture, Handcrafted Cloth
Paintings, Painted Leather Shields, Gold & Embossed Paintings, etc. Each
of the paintings in various media corresponds with different moods &
subjects. Keeping alive the essence of Indian art and crafts, they offer their
clients a variety of artistic works through their diverse products. Their deft
artisans, hailing from various parts of the nation, meticulously craft and use
different colors to give the finest appearance.
They have a vast experience in understanding customers' requirements, market
trends and the changing fashion in the paintings arena. Based on the hallmarks
of affordable prices, superior quality, prompt delivery and reliability, they
are able to win the trust of a large number of customers from across the world.
A sound management system facilitates their successful execution of all the
orders. Their 100% export percentage has contributed to their annual sales
volume exceeding the amount of above Rs. 10 Millions.
Subject is devoted to the design
and creation of unique painting products that successfully reflect the varied
ethical tastes and artistic style. Excellent finish is the specialty of their
products.
Hallmark
of Their Products
·
Quality--the driving
force behind the increasing popularity of their products
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Innovative designs and
style setting a trend in the market
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Fine workmanship,
creativity and excellent finishing reflected in their exquisite products
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Intense efforts of
designers and craftsmen to bring out the best in every item
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Their range of painted
wooden furniture gives the complete aesthetic look to the interiors of a home
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The sheen and shine of
their intricate art work showcase the rich Indian culture
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Products specially
designed to suit the needs, tastes and preferences of the clients
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All products exhibit
contemporary trends with an ethnic touch.
Infrastructure
Kokasia Art and Crafts is outfitted with a state of the art manufacturing unit.
Their painters and designers are engaged in understanding the market needs and
industry trends. Thus, they accordingly come out with new designs and patterns.
They possess an extreme sense of imagining and visualizing the final product, to
which they give life through neat sketches. A variety of fine quality colors
and innovative embossing techniques is applied on leather, cloth and furniture
surface, etc. to get the desired effect. Superior quality paints and
preservatives ensure fresh appeal and endurance of each painted product. They
have a separate packaging division where every finished product is carefully
packed for its safe transportation to the desired destination.
CMT REPORT (Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts,
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.67 |
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1 |
Rs.82.12 |
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Euro |
1 |
Rs.55.60 |
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 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
NO |
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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 |
NO |
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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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37 |
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. |
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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