MIRA
INFORM REPORT
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Report Date : |
01.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
ATTIC
PRODUCTS |
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Registered Office : |
X-6, Okhla
Industrial Area, Phase II, New Delhi – 110020 |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
10.08.1992 |
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IEC No.: |
0592030857
dated December 28, 1998 |
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PAN No.: [Permanent
Account No.] |
AAHPG656P |
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Legal Form : |
Sole
Proprietory Concern. |
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Line of Business : |
Manufacturer
and Exporter of Wooden Ascent Furniture, Wall Décor and Gift Items. |
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/normal. |
Small |
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Maximum Credit Limit : |
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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 having moderate track. 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 : |
X-6,
Okhla Industrial Area, Phase II, New Delhi – 110020, India |
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Tel. No.: |
91-11-26386023
/ 26388844 / 26389366 / 26385398 / 26389334 / 26830103 |
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Fax No.: |
91-11-26383102
/ 26385324 / 26213737 |
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E-Mail : |
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Area : |
16000
sq. ft. approx. |
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Location : |
Industrial
– Owned |
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Factory
1 : |
G-320,
Boranada Industrial Area, Phase – III, Jodhpur, Rajasthan, India |
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Tel.
No.: |
91-291-3294063 |
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Fax
No.: |
91-293-281112 |
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Area : |
20000
sq. ft. |
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Location : |
Industrial
– Owned |
SOLE PROPRIETOR
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Name : |
Mr.
Rajiv Gambhir |
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Designation : |
Proprietor
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Address : |
408, Kailash
Tower – II, East of Kailash, New Delhi – 110065, India Tel No
: 91-11-26446383 |
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Date of Birth/Age : |
56
Years |
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Qualification : |
BE |
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Experience : |
20
Years |
KEY EXECUTIVES
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Name
: |
Mr.
Rajiv Gambhir |
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Designation
: |
Chief Executive
officer |
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He is
looking after production and exports activities. |
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Address
: |
408,
Kailash Tower – II, East of Kailash, New Delhi – 110065, India Tel No
: 91-11-26446383 |
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Date
of Birth/Age : |
56
Years |
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Qualification
: |
BE |
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Experience
: |
20
Years |
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Name
: |
Mr.
Sunil |
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Designation
: |
Key
Executive |
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He is
looking after administrative activities.
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BUSINESS DETAILS
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Line of Business : |
Manufacturer
and Exporter of Wooden Ascent Furniture, Wall Décor and Gift Items. |
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Products : |
Wooden
Furniture Handcrafted
Items Papier
Machines Horn
Items Metal
Products Lamps
and Lamps Shades Curtains Cushions Kitchen
Linens Table
Ware Vases Photo
Frame Gift
Items and Wooden Gift Items Mirror Wooden
Decoratives Wall
Décor |
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Agencies Held : |
William
E Conor Red
Cats Green
Field / Indus Valley Gemex IMS Elcorte
LI and
FUNG Marvel
Merchandising |
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Exports to : |
Furniture,
Gift, Photo Frame, Mirror and Wall Décor to USA, France, Spain and other
European Countries |
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Imports from : |
Raw
Materials from China and Europe |
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Terms : |
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Selling : |
On
Irrevocable Letter of Credit : at sight / 30 days |
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Purchasing : |
On
Document against Payment for International Suppliers Domestic
Suppliers : on Credit : 7 to 15 days |
PRODUCTION
STATUS
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Particulars |
Unit |
Installed Capacity |
Actual Production |
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Furniture, Gift, Photo Frame, Mirror and
Wall Décor |
Pieces / Per Month |
12000 |
9000 |
GENERAL
INFORMATION
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Customers : |
Wholesalers
and Retailers La
Redoute, France Sears,
USA Zara
Home, Spain |
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No. of Employees : |
68 [Production
: 32; Office : 34; Branch : 2] |
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Bankers : |
UCO
Bank, 93 Ashok Bhawan, Nehru Place, New Delhi – 110019 |
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Facilities : |
Cash
Credit Facility : Rs. 40 Millions |
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Banking Relations : |
Satisfactory
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Auditors : |
BK
Jain and Company Chartered
Accountants D-341,
Sector 10, Noida, Uttar Pradesh, India |
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Tel. No.: |
91-120-4337815 |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
35.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
35.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Networth |
35.000 |
30.900 |
29.700 |
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Sales Turnover |
160.000 |
112.500 |
86.000 |
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Profit Before Tax |
4.500 |
1.500 |
2.000 |
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Profit After Tax |
4.100 |
1.200 |
1.800 |
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Export Value |
160.000 |
112.500 |
86.000 |
The
Projected Turnover for the financial year ending 31.03.2007 shall be to the
tune of Rs. 200 million approx as claimed by the subject.
The subject is a Non-Incorporated business entity and thus not obliged to file any information on itself with any Official Authority [Registrar of the Company] open for public inspection. The above mentioned information is obtained directly from the subject itself but the subject could not substantiate it by providing audited financial statements like Balance Sheet and Profit and Loss A/c.
KEY
RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
2.56
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1.07 |
2.09 |
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Net
Profit Margin (PBT/Sales) |
(%) |
2.81
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1.33 |
2.33 |
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Return
on Investment (ROI) (PBT/Networth) |
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11.71
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3.88 |
0.07 |
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Debt
Equity Ratio (Total
Liability/Networth) |
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1.43
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-- |
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference
Red
Cats, [Mr. Well Bach], 10th Floor, Tower-B, DLF Cyber Green, DLF
City, Phase – III, Gurgaon – 122002, Haryana, India
The handicrafts
industry in India is largely organized and decentralized.It employs about five
million artisans, mostly in carpet making and manufacturing of bamboo and jute
items. Most of these craftsmen work on a part-time basis.
The largest export market for Indian handicrafts is the United
States.The indian handicraft sector is showing an annual average growth rate of
8.5%. In US$ terms also this annual average growth rate is approximately around
4.74% .
The handicraft industry stands at
"100 billion worldwide and India has 1.2% of this market. This year the
major buyers of Indian handicrafts were US, Canada, the European and the West
Asian countries among which the United States rule largest import market for
Indian handicrafts. The handicrafts industry in India is spread all over the
country employing approximately over 5 million artisans and around 67,000
exporters tapping this market. The handicraft and handloom sector is a major
source of rural employment and earns substantial foreign exchange. The Indian
handicraft sector this year has shown an annual average growth rate of 8.5%.
Handicrafts, over the last few years have transformed their utility from mere
shelf decorative to daily useable category. It is thus the primary need of any
seller to constantly update, develop & add to his product profile. As one
says that variety is the spice of life, the handicraft market has really
changed over the years and one cannot imagine even surviving in the market with
the same old products.
International : The handicraft
industry is at $ 100 billion worldwide and India has 1.2 % of this market.
China which is the largest country has a 14 % share of the total handicraft
market.
Indian Scenario : The handicraft
industry currently is at 50000 millions, i.e. a 20.66 % growth recorded this
year. Major items of export include artmetalware, woodware, hand printed
textiles and scarves, embroidered and crocheted goods, shawls as artware, zari
goods, laces and imitation jewellery. This year the major buyers of Indian
handicrafts ware US, Canada, the European and the West Asian countries. The
industry is spread all over the country employing over the country employing over 5 million
artisans and 67000 exporters tapping this market.
Wooden handicrafts are specialized skills passed on from one
generation to the next. The term 'wooden handicrafts' refers to a wide range of
wooden items carrying utilitarian and artistic value that are made by hand, or
with the use of simple tools. Indian wooden handicrafts reflect unmatched
workmanship, fine designs, and subtle elegance. This makes India one of the
chief exporters of wooden handicrafts in the world market.
The wooden handicrafts industry plays an important role in the
Indian economy. This industry requires low
capital investment and other resources. The wooden handicraft sector
provides a high ratio of value addition,
and has emerged as one of the major sources of foreign exchange earnings for India.
Indian wooden handicrafts are much sought after the world over, and form an
important export commodity of India. Although India's handicraft exports show a
consistent increase of sixteen per cent every year, its share in the
international market is not more than two per cent.
The Indian wooden handicraft sector is the second largest employment provider (after agriculture). It employs
about six million artisans. Women constitute a large section of
the handicrafts industry, including people belonging to the weaker sections of
society.
In the changing world scenario, craft products exported
to various countries form a part
of lifestyle products in
international market. The impact is due to the changing consumer taste and trends. In view of this it is
high time that the Indian handicraft industry went into the details of changing designs, patterns, product
development, requisite change in production facilities for a variety of
materials, production techniques, related expertise to achieve a leadership
position in the fast growing competitiveness with other countries.
The 6 million craft persons who are the backbone of Indian
Handicraft Industry as provided with inherent skill, technique, traditional
craftsmanship but that is quite sufficient for primary platform. However, in changing world market these craft
persons need an institutional support, at their places i.e. craft pockets for value addition and
for the edge with other competitors like China, Korea, Thailand etc.
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
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.20 |
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UK
Pound |
1 |
Rs.86.88 |
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Euro |
1 |
Rs.58.53 |
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 |
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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
|
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 |
|
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 |
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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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