MIRA
INFORM REPORT
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Report Date : |
02.07.2007 |
IDENTIFICATION DETAILS
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Name : |
J I INTERNATIONAL |
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Registered Office : |
F-160, Lajpat Nagar – I, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1999 |
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Legal Form : |
Partnership concern with an unlimited liability company. |
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Line of Business : |
Manufacturer and Exporter of Carpets, Shawls, Rugs, Handicrafts Items
and Fabrics. |
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 30000 |
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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 having satisfactory
track. Partners are reported as experienced and respectable businessmen.
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. |
LOCATIONS
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Registered Office : |
F-160, Lajpat Nagar – I, |
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Tel. No.: |
91-11-29814018 |
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Mobile No.: |
91-9811765574 / 9871953370 |
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Fax No.: |
91-11-29819991 |
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E-Mail : |
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Area : |
100 sq. ft. |
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Location : |
Owned |
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Factory 1 : |
259, Narsing Gadh, |
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Area : |
1800 sq. mt. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Imran Wani |
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Designation : |
Managing Partner |
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Address : |
F-73, Lajpat Nagar – I, |
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Date of Birth/Age : |
19 Years |
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Qualification : |
Under Graduate |
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Experience : |
3 Years |
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Name : |
Mr. Javed Wani |
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Designation : |
Partner |
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Date of Birth/Age : |
21 Years |
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Qualification : |
Graduate |
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Experience : |
2 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Carpets, Shawls, Rugs, Handicrafts Items
and Fabrics. |
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Products : |
Silk Carpets, Woolen Carpets, Staple Carpets, Fabric Chain Stitches, Pashmina
Shawls, Woolen Shawls and Other Handicrafts Products |
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Exports : |
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Products : |
Silk Carpets, Woolen Carpets, Staple Carpets, Fabric Chain Stitches,
Pashmina Shawls, Woolen Shawls and Other Handicrafts Products |
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Countries : |
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Terms : |
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Selling : |
Advance or L/C |
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Purchasing : |
Cash or Credit of 30 days |
PRODUCTION STATUS
Capacity to increase production by : 50 %
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from open market |
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Customers : |
SPE. F. R. Orient – France Orient Teepich Karim – |
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No. of Employees : |
22 |
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Bankers : |
Punjab National Bank, |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Wani Exports F-170, Lajpat Nagar – I, Sales Turnover : Rs. 70.000 Millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
-- |
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Borrowed : |
Rs. 7.500 Millions |
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Total : |
Rs. 7.500
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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40.000 |
35.000 |
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Profit/Loss for the year |
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11 % |
11 % |
Expected Sales (2007-08) : Rs. 50.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Profile
The
flying carpets of the 'Arabian Nights' hint at the fact how carpet making has always
been part of different art and culture throughout the ages. From the earliest
surviving 'Pazyryk Carpet' of the 3rd century BC, this amazing art is still
considered as one of the most artistic craft. The techniques of creating these
wonderful items have evolved over the years and ages. But the charm and
popularity is the same as ever before. Subject, excel in this art of carpet
making, and also engaged in crafting exquisite shawls and other handicraft
items for their clients spread all over the globe. Established in the year
1990, subjects have revived the magic of handicrafts through their brilliant
craftsmanship and have won great acclaim among their customers. Today, subjects
are a prominent manufacturer and exporter of a mind boggling collection of
Carpets, Shawls, Rugs, Handicraft Items and Fabrics.
At JI
International, their designers weave beauty, enrich them with premium quality,
and stud on them beautiful designs. Because of their exquisiteness and
uniqueness, their Silk Carpets, Woolen Carpets, Staple Carpets, Fabric Chain
Stitches, Pashmina Shawls, Woolen Shawls and Other Handicraft Products are
popular not only in the country but also at the international level. Subject
export almost 90% of their products to the
Because of their finest quality and fantastic designs, their products are today
widely acclaimed all over the country, and considered a big part of a beautiful
home decor. Their product basket is full of variety and unique pieces crafted
by highly creative designers. JI International is the manufacturer and exporter
of the following range of products-
·
Carpets- Silk Carpets, Woolen Carpets, Staple Carpets, etc.
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Shawls- Pashmina Shawls, Woolen Shawls, etc.
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Rugs
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Many Other Handicraft Items
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Fabrics.
Quality
The quality management policy of JI International starts and ends with
customers as its prime focus. Subjects understand the craze of their customers
for unique handcrafted pieces of home decor items, and design and develop
products which can meet their taste and satisfaction. They use premium quality
fabrics, pashmina, wool and cotton thread, and the products are manually
crafted by artists and designers picked up from different parts of the world,
especially from the countries which have rich tradition in handicrafts. The
products are thoroughly tested even for the slightest manufacturing defect, and
delivered to their clients efficiently and on time.
Strength
The strength of JI International lies in its group of craftsmen who are
enriched with god gifted creativity. They are picked up from areas well known
for their tradition in making carpets, rugs, and other handicraft items. In
addition, subjects have a well managed and widespread business network which
enables them for efficient delivery of the products to their highly esteemed
clients.
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 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.40.66 |
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1 |
Rs.81.70 |
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Euro |
1 |
Rs.55.05 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
YES |
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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/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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