MIRA
INFORM REPORT
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Report Date : |
14.02.2007 |
IDENTIFICATION
DETAILS
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Name : |
BALAJI
EXPORT CORPORATION |
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Registered Office : |
P –
66, Kasba Industrial Estate, Phase – II, Kolkata – 700078, West Bengal,
India |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
12.07.1987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CALB04546D |
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PAN No.: [Permanent
Account No.] |
AADFB1401H |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Manufacturer
and Exporter of Travel Bags, Luggage Ware and Leather Goods |
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
150000 |
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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. Trade relations
are fair. 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 : |
P –
66, Kasba Industries Estate, Phase – II, Kolkata – 700078, West Bengal, India |
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Tel. No.: |
91-33-24430377/0576 |
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Mobile No: |
91-9831047923 |
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Fax No.: |
91-33-24559525 |
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E-Mail : |
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Website : |
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Area : |
2400
Sq. ft |
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Location : |
Leased
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Branches
: |
5/1,
Clive Row, 2nd Floor, Room No. 77, Kolkata – 700001 |
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Area : |
525
Sq. ft |
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Location : |
Rented
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PARTNERS
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Name : |
Mr.
Sandeep Rungta |
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Designation : |
Partner
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Address : |
6/1/3,
Queens Park, Ballygunge, Kolkata – 700019 |
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Date of Birth/Age : |
39
Years |
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Qualification : |
B. Com
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Experience : |
15
Years |
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Name : |
Mr.
Siddhartha Rungta |
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Designation : |
Partner
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Address : |
6/1/3,
Queens Park, Ballygunge, Kolkata – 700019 |
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Date of Birth/Age : |
32
Years |
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Qualification : |
B.S.C.
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Experience : |
11
Years |
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Name : |
Mr
Suresh Chandra Rungta |
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Designation : |
Partner
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BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Travels Bags Luggage ware and Leather Goods |
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Brand Names : |
‘INFINI’ |
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Exports to : |
Subject
exports to Germany, Netherlands, Austria,
Australia, UK, Spain, Denmark, Belgium and USA |
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Imports from : |
Subject
imports finished leather, raw materials, fittings and consumable stores from
Italy and Hong Kong |
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Terms : |
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Selling : |
L/C
and Credit (30 days) |
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Purchasing : |
L/C
and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers
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No. of Employees : |
60 |
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Bankers : |
v
Union
Bank of India, Kolkata |
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Facilities : |
---- |
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Auditors : |
B K
Saraf & Company Chartered
Accountant |
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Address: |
Council
House Street, Kolkata – 700001 |
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Membership: |
Council
for Leather Exports |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
20.000 Millions |
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Borrowed : |
Rs.
28.000 Millions |
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Total : |
Rs.
48.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
31.03.2003 |
|
Sales Turnover |
40.000 |
42.000 |
38.000 |
32.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
References
v
Khadims
Footware
v
Horizental
Leather
As per
Website Details
About
company
They "BALAJI EXPORT CORPN" are a recognised export
house involved in the fine art of manufacturing and exporting small leather
goods like ladies hand bags, shoulder bags, portfolios, rucksacks, wallets, purses,
credit card holders, business card holders, key purses, coin purses, organisers
and planners in various designs for more than a decade.
Besides using domestic leather of cow, goat, buffalo and
sheep they also import fine quality Italian leather for their production. They
are also sourcing the best quality metal fittings from Germany, Italy and
Hongkong.
Interior view of Balaji Office
They have a fully equipped factory to
make products of International fame from manufacturing to high class packaging.
They constantly strive for superior quality and timely deliveries.
Recently,
they have also launched their own brand 'infini'. The infini
range of products will soon be in their collection in the coming months.
Looking forward to becoming future partners.
Added
Attraction
They have internal facilities to easily provide all sorts of
labelling, tags and bar codes for the products in the international standard by
modern computerized machines.
They have a
special arrangement to provide high class quality wooden and cardboard boxes to
pack individual products with customers own name, logo and design.
They
specialize in making everything customized for an individual brand like
cotton/silk lining, decoration cards, metal fittings, packing boxes, box strapping,
fastners or any other thing as required.
Promotional
Items
They specialize in making products like
coin purse, key fobs, luggage labels, CD holders, floppy holders, organizers
and others which can be used by big corporate houses/companies as new year
gifts and for special occasions. Their products can also used as gifts for
holding big seminars, meetings and conferences.
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.44.09 |
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UK
Pound |
1 |
Rs.86.59 |
|
Euro |
1 |
Rs.57.92 |
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 |
6 |
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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 |
YES |
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TOTAL |
|
47 |
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 |
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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 |
|
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 |
|
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 |