MIRA
INFORM REPORT
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Report Date : |
17.08.2007 |
IDENTIFICATION DETAILS
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Name : |
BHAWANI ARTS HANDICRAFTS |
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Registered Office : |
19-A, Light Industrial Area, Jodhpur-342 006, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1981 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Wooden Handicrafts and Wood Iron
Furniture and Accessories |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 4000 |
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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 steady business. Trade relations
are fair. General financial position is satisfactory. Nothing adverse
reported. Payments are usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
19-A, Light Industrial Area, Jodhpur-342 006, Rajasthan |
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Tel. No.: |
91-291-2628391 |
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Mobile No.: |
91-9828390440 |
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Fax No.: |
91-291-2648858 |
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E-Mail : |
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Area : |
1500 sq.mtrs |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Suresh Kumar Bhawani |
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Designation : |
Proprietor |
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Date of Birth/Age : |
43 Years |
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Qualification : |
Under Graduate |
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Experience : |
20 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Wooden Handicrafts and Wood Iron
Furniture and Accessories |
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Products : |
Wooden Handicrafts |
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Exports : |
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Products : |
Handicrafts |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit, Cash |
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Purchasing : |
L/C, Credit ( 60 Days), Cash, Sight |
GENERAL INFORMATION
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Customers : |
Local Customer, End Users |
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No. of Employees : |
8 Persons ( 6 in Office and 2 in Factory) |
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Bankers : |
Canara Bank, |
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Facilities : |
Limit Rs.0.700 million |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million |
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Borrowed : |
-- |
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Total : |
Rs. 1.000 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 |
5.600 |
5.450 |
5.025 |
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Profit/Loss for the year |
0.320 |
0.227 |
0.150 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
- Local
Customers
- Tci
Corporation of India Limited
- Ouchan
Polhaka
WEB DETAILS:
A mind blowing range of furniture, home accessories and gift
articles...
They were established in the year 1976, and since the very beginning have
been an adorned brand for their unique quality products. At Bhawani Art
Handicrafts, their mission is simple: to delight and inspire,
offering a mesmerizing range of furniture, home accessories and gift articles.
They are a highly reputed manufacturer and exporter of Handcrafted
Furniture, Holiday & Christmas Decoration Articles, Gift Articles,
Furniture, Furniture Fittings & Fixtures, Antiques, Collectibles, Antique
Handicrafts, etc. From the perfect piece of antique or
contemporary furniture to tiny little decor gifts, they can avail you
everything in exceptional style, innovative designs and ultimate quality.
Rest assured, you will find with them everything beyond your imagination! For all of them at Bhawani Art Handicrafts, success is nothing but winning the trust of their customers, and over the last two decades they have successfully created a climate of trust among them with their uncompromising customer centric approaches. They are a reputed member of Export Promotion Council for Handicrafts (EPCH) and Jodhpur Industries Association. Their business is
primarily export oriented and they are exporting almost 60% of their total products to the international market.
At Bhawani Art Handicrafts, you will find numerous variety of products to
choose from - innovative designs which you have never seen before, exciting
prices and superlative quality. They are a manufacturer and exporter of the
following range of premium products-
Handcrafted Furniture: Painted Furniture, White Metal Furniture
Holiday & Christmas Decoration Articles: Bone Furniture, Wooden Box
Gift Articles: Animal Article, Animal Figure, Wooden Animal Figure, Wooden Decorative Item
Furniture, Furniture Fitting & Fixture: Wooden Traditional Furniture, Wooden Dining Set
Antiques, Collectibles & Antique Handicrafts: Antique Furniture
Wooden/Stone Cravings: Wooden Bed, Wooden Table
Handicrafts: Handcrafted Furniture, Metal Furniture, Colonial Furniture.
Quality
Quality has always been the prime concern and ultimate endeavor at Bhawani Art
Handicrafts. They believe that without maintaining consistent quality, they can
never win the trust of their valued customers; nor they can reach the zenith of
success. This attitude, combined with their brilliant expertise, leads us to
follow a stringent quality control policy. From procurement of raw materials,
application of cutting edge manufacturing process to product designing,
everything is performed with utmost care at their in-house quality control
unit. As a result, they can deliver flawless products which are of flamboyant
style, extraordinary design and unique quality.
Strength
Bhawani Art Handicrafts' strength is primarily composed with the combination of
rich experience, in depth knowledge of market dynamics and ultimate expertise
the company has acquired over the last 25 years. At their company, they have a
strong team of artisans who have several years of industry experience. This
team, supported by their robust infrastructure comprising of state of the art
manufacturing, quality control and R&D units, leads us in the industry from
the front.
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.41.57 |
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1 |
Rs.82.14 |
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Euro |
1 |
Rs.55.74 |
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 |
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 |
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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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
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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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