MIRA
INFORM REPORT
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Report Date : |
05.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
SHAHEEN ART SERVICES |
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Registered Office : |
2318, Mandir Street, Kucha Chellan, Darya Ganj, New Delhi – 110 002 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1990 |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business : |
Manufacturer and Exporters of Hand Embroidered Garment Accessories, Embroidery
Badges, Uniform Accessories and Laces. |
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 10000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern. Proprietor is
reported as experienced and respectable businessman. His 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. |
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LOCATIONS
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Registered Office : |
2318, Mandir Street, Kucha Chellan, Darya Ganj, New Delhi,- 110 002,
India |
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Tel. No.: |
91-11-23286774 |
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Fax No.: |
91-11-23260596 |
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E-Mail : |
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Website : |
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Area : |
1200 sq.fts |
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Location : |
Owned (Commercial) |
SOLE PROPRIETOR
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Name : |
Mr. Mohammed Shaffiq |
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Designation : |
Proprietor |
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Date of Birth/Age : |
42 years |
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Qualification : |
SSC |
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Experience : |
21 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporters of Hand Embroidered Garment Accessories,
Embroidery Badges, Uniform Accessories and Laces. |
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Products: |
Embroidery
Ribbon · Ladies Hand Bags · Metal Badges · Embroidery Badges · Visors · Banners Uniform
Accessories · Embroidery Shoulders · Cords Epaulets · Chain Straps · Dress Cord · Gallon · Metal Shoulders · Cuffling Embroidery
Badges · Military Cap Badges · Civil Badges · Pocket Badges · Blazer Badges · Leather Key Chain Metal Badges · Military Metal Badges · Metal Buttons · Metal Shoulders · Belt Buckles Banner /
Religious Item · Military Banners · Civil Banners · Religious Embroidery Product Visors · Army Visors · Navy Visors · Police Visors Caps / Berets · Military Caps · Civil Caps · Bass Ball Caps · Military Baaret Caps · Civil Beret Caps |
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Exports : |
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Countries : |
Hongkong, Spain, Italy, Germany |
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Terms : |
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Selling : |
Credit (30-60 Days), DA (30 Days) |
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Purchasing : |
CAD, Credit ( 30-45 Days) |
PRODUCTION STATUS
The production capacity
is 25000 pieces per month.
GENERAL
INFORMATION
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Customers : |
· Indian Army · Navy · Border Security Force · Delhi Police · Indian Air Force |
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No. of Employees : |
75 |
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Bankers : |
Bombay Mercantile Co-operative Bank Address: New Delhi – 110 002 |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Ahmed and Company Chartered Accountants |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs 2.500 millions |
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Borrowed : |
----- |
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Total : |
Rs. 2.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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17.500 |
12.500 |
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Profit/(Loss) Before Tax |
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0.840 |
0.525 |
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Provision for Taxation |
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0.060 |
0.050 |
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Profit/(Loss) After Tax |
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0.780 |
0.475 |
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Export Value |
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8.000 |
6.000 |
Note:
The subject has claimed that the projected turnover
for the financial year 2007-08 shall be to the tune of Rs.25.000 million
approximately.
KEY RATIOS
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PARTICULARS |
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31.03.2007 |
31.03.2006 |
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PAT / Total Income |
(%) |
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4.46 |
3.80 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.80 |
4.20 |
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Return on Investment (ROI) (PBT/Networth) |
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31.20 |
26.39 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER INFORMATION:
Subject does not import but purchases raw materials and accessories from
the domestic market in Delhi.
WEBSITE DETAILS:
They are one of the
leading manufacturers and exporters of uniform accessories of Defense, Naval
and Armed Forces like hand embroidered badges, buttons, banners, visors, chain
straps, epaulettes, laces, dress cord, shoulders, caps/berets etc. They deal in
all types of masonic and religious embroidery needs. One of the oldest custom
embroidery companies in India is at the service.
They deal in hand
embroidery and are sole manufacturers, rather different from others as they
just buy from manufacturers and export them. They manufacture and export
military accessories, which produced in their own factories with great
efficiency as this profession is their ancestral traditional profession.
Deep in the heart of
India their skilled artists are ready to dedicate their exclusive knowledge in
embroidery skills. Either way, rest assured that people shall be getting the
best quality hand embroidery at the most competitive price from India, because
they manufacture, market and export the product their selves. When customer buy
or import hand embroidery from them, they by pass the scores of middle men that
do nothing but pull the cost higher
Motto is, "To serve for the fullest, till the
Customer's Satisfaction."
Their Specialty lays
on their capability to manufacture any kinds of badges, visors, emblems,
symbols etc in the same manner as you give them in form of photographs,
pictures or own samples.
They are the
exporters of all kinds of hand embroidery including custom embroidered patches,
bead work, sequence work, tube and crystal work, cut glass work, thread work
and even golden, silver etc. Customer can get this exquisite custom hand
embroidery on the fabric of the choice, be it net, chiffon, organza, Georgette,
satin, silk, tissue, Velvet, felt/leather or whatever fabric it may be.
They can proudly
explain them as "An ultimate place to stop the hunt for Custom Hand
Embroidery Products". They are sure that customer will not search further
for the custom hand embroidery import needs.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.43 |
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UK Pound |
1 |
Rs.81.35 |
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Euro |
1 |
Rs.57.83 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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TOTAL |
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48 |
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/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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