MIRA INFORM REPORT
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Report
Date : |
09.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
V P R P ART |
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Registered
Office : |
H-399,
Sangaria Industrial Area, MGC, Phase II, Jodhpur –342005, Rajasthan, India |
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Country
: |
India |
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Financials
(as on) : |
31.03.2006 |
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Date
of Incorporation : |
2004 |
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Legal
Form : |
Sole Proprietory Concern |
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Line
of Business : |
Manufacturer, Exporter and Trading of wooden furniture |
RATING & COMMENTS
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MIRA’s
Rating : |
Ba |
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 an established concern having steady business.
Trade relations are fair. General financial position is satisfactory.
Payments are usually correct and as per commitment. The concern can be considered normal for business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered
Office : |
22 Subhash Colony, Bhagat Ki Kothi, Near Nala, Jodhpur – 342005,
Rajasthan, India |
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Mobile
No.: |
91-9414134580 |
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Fax
No.: |
91-291-2434396 |
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E-Mail
: |
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Website
: |
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Area : |
100 sq. ft. |
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Location : |
Owned |
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Factory
1 : |
H-399, Sangaria Industrial Area, MGC, Phase
II, Jodhpur –342005, Rajasthan, India |
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Tel.
No.: |
91-291-3092052 |
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Fax
No.: |
91-291-5120787 / 3092052 |
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E-Mail
: |
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Area : |
700 sq. mtrs. |
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Location : |
Owned |
SOLE PROPRIETOR
|
Name : |
Mr. Kamal K Punglia |
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Designation
: |
Sole Proprietor |
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Address
: |
H-399, Sangaria Industrial Area, MGC, Phase II, Jodhpur
–342005, Rajasthan, India |
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Date
of Birth/Age : |
1978 |
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Qualification
: |
M. Com |
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Experience
: |
10 Years |
BUSINESS DETAILS
|
Line
of Business : |
Manufacturer, Exporter and Trading of wooden furniture |
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Products
: |
Furniture,
Furniture Fittings & Fixtures , Gift Accessories, Textiles,
and Home Furnishings, Handicrafts,
Handcrafted
Furniture and Antiques Reproduction |
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Exports
to : |
Europe, USA &
UAE |
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Terms
: |
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Selling : |
D/P and Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers
: |
Wholesalers |
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No. of
Employees : |
50 |
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Bankers
: |
State Bank of Bikaner and Jaipur , BGKT Branch, Jodhpur |
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Facilities : |
Cash Credit 1.000 Millions |
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Banking Relations : |
Satisfactory |
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Auditors
: |
R. P. Mundhra and Company Chartered Accountants Jodhpur |
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Membership : |
Handicraft EPC |
CAPITAL STRUCTURE
|
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]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales
Turnover |
11.000 |
9.000 |
4.000 |
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Profit/Loss
for the year |
10 % |
10 % |
1.250 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE
Bombay Design, Norway
Vigant Inferior Hus, Norway
AS PER WEBSITE
The products of VPRP
Art are widely appreciated by connoisseurs old art. This inspires the
artists at VPRP to strive continuously for innovation. The company aspires to
produce faultless products and give total customer satisfaction. The aspiration
and perspiration found expression in impeccable products that are constantly
churned out by the company. The products are inspected and monitored for
quality by seasoned officers appointed for the same.
VPRP ART was set up in the year 1998 in Jodhpur,
Rajasthan. Since the time of inception the company has made significant growth
as a manufacturer and exporter of exclusive handcrafted items. The organization
is currently managed by Mr. Kamal K Punglia, a young entrepreneur who
has large experience in handicraft, antiques and furniture’s.
Since its establishment in 1998, it has
constantly redefined and mastered its core competencies through innovation and
hard work. The organization also excels in embossing artwork on wood and iron
also improvised to effective emboss on textiles too. This shows the level of
innovation and keen interest in the management’s vision to diversify and reach
excellence in various spheres with excellent quality products for the
customers.
They are proud to bring to the limelight, the
huge reservoir of talent that exists in this country and expose the
masterpieces of its craftsmen mainly in
Gift Articles like Jharoka, Mirror Frame, Photo Frame,
and Jewelry Boxes to name a few.
Furniture items in Wood and Iron like
Almirah, Side Boards, Book Shelves, Bar Cabinets, Tables (Dining / Coffee /
Garden), and chairs (polish / painted).
Handicraft items Ethnic Cloths (Bags /
Cushion covers / Bed Covers & Bed Sheets / Wall Hanging / Embossed
Painting’s).
They would always be ready to answer to the
queries and they assure that they can give products, taking into consideration
the interest and imagination of their customers and come out with original
unique and exclusive products with a touch of elegance and excellence.
The organization has two manufacturing units
with integrated facilities that include molding, polishing and painting along
with various other gadgetries supports. They also have enough storage
facilities to cater to their customers and deliver orders on time.
All their products has been produced, monitored and finished
in house under expert artisans. They also have the services of highly skilled
painters to produce elegant paintings. The organization does not encourage
child labor that makes us distinct from the others towards a genuine world
cause.
Their Research & Development department works optimum to
manufacture the most innovative range of handcraft items. They practice
efficient resource planning methods to get the best of their artisans. Also
they have established a flexible manufacturing system, thereby, slashing their
prices and time to deliver. These belief’s and vision gives us an edge over
their competitors in terms of quality, delivery and prices.
shing coast, lead time and enhancing the quality of work.
The product range of the company is constantly expanded to
provide its customers with more variety accessories and luxuries to choose from.
The company is making tough efforts to achieve complete customer satisfaction a
step further. They committed to deliver quality products that adhere strictly
to customer specifications, the most competitive prices and timely dispatch.
Sincere efforts to customers has earned us invaluable goodwill in the market.
They always treat customers the way they would like to be treated their selves.
They to enhance the lives of customers by bringing comfort, quality and style
to their homes at the lowest possible price.
Unit is well-equipped with state-of-art-technology and dedicated skilled
personnel, who work hard to ensure that their products are of premium quality.
They maintain smooth flow of work with standard quality of fabrics and
accessories. The company assures timely delivery of goods at highly affordable
prices. It seeks to establish a relationship with buyers on the basis of value
and commitment.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.42 |
|
UK Pound |
1 |
Rs.85.79 |
|
Euro |
1 |
Rs.57.80 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
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 |
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 |
|
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 |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
<10 |
C |
Absolute credit risk exists.
Caution needed to be exercised |
Credit not recommended |