MIRA
INFORM REPORT
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Report Date : |
24.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SEEMA CREATIONS |
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Registered Office : |
RZ/E 251, Nihal Vihar, Nangloi, New Delhi-110041 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1992 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Bags, Cushions Cover, Bed Sheets, Bed Spreads,
Wall Hangings, Curtains, Handicraft Items, Fashion Accessories, Throws,
Runners, Placemats, Photo Frames, Jewellery Boxes. |
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 28000 |
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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. Proprietor is reported as experienced and respectable businessmen. His
trade relations are reported as fair. Business is active. Payments are
reported as 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 : |
RZ/E 251, Nihal Vihar, Nangloi, New Delhi-110041, |
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Tel. No.: |
91-11-25949332 |
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Mobile No.: |
91-9811135777 |
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Fax No.: |
91-11-25949332 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq.ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Rajesh Kumar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
31 years |
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Qualification : |
Undergraduate |
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Experience : |
11 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Bags, Cushions Cover, Bed Sheets, Bed
Spreads, Wall Hangings, Curtains, Handicraft Items, Fashion Accessories,
Throws, Runners, Placemats, Photo Frames, Jewellery Boxes. |
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Products : |
v
Bags v
Cushions Cover v
Bed Sheets v
Bed Spreads v
Wall Hangings v
Curtains v
Handicraft Items v
Fashion Accessories v
Throws v
Runners v
Placemats v
Photo Frames v
Jewellery Boxes |
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Exports : |
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Products : |
Bags, Cushions Cover, Bed Sheets, Bed Spreads, Wall Hangings, Curtains,
Handicraft Items, Fashion Accessories, Throws, Runners, Placemats, Photo
Frames, Jewellery Boxes |
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Countries : |
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Terms : |
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Selling : |
LC, Advance, Cash or Credit |
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Purchasing : |
Cash or Credit |
PRODUCTION STATUS
Capacity to increase production by 25%
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from open market |
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Customers : |
v
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The Peiri Imports, |
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No. of Employees : |
55 |
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Bankers : |
Oriental Bank of Commerce, Punjabi Bagh, |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Vikas Handicrafts Sales Turnover : Rs.10.000 millions |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.7.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.7.000 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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48.000 |
45.000 |
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Profit/Loss for the year |
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11-12% |
11-12% |
Expected Sales (2007-08) : Rs.60.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website Details :
Subject introduces to the world of creativity and beauty. They are the leading manufacturer and exporter of exclusive Bags, Home Furnishing Items and Fashion Accessories. In most astonishing patterns, their gamut of products include Bags, Cushions Covers, Bed Sheets, Bed Spreads, Wall Hangings, Curtains, Handicraft Items, Fashion Accessories, Throws, Runners, Placemats, Photo Frames, Jewelry Boxes and many more. They are one of the most prominent manufacturer and exporter of high quality bags, home furnishing items and fashion accessories. They are known for consistency in quality and innovative designs of their products.
Their Excellence
They have highly skilled and creative designers in their manufacturing unit and
designing is done through hi-tech computers. These facilities provide enough
scope for their designers to expand their imagination and turn them into
reality. Vibrant colors, attractive prints, sharp cuts and beautiful patterns –
all these defines the specialty of their bags,
cushions covers, bed sheets, bed spreads, wall hangings, curtains, handicraft items,
fashion accessories, throws, runners, placemats, photo frames and jewelry boxes.
Quality Policy
Their name is counted amongst some of the highly recognized manufacturers and exporters
of Indian industry. Since inception, they are catering to the needs of fashion and home furnishing industry
with unwavering commitment to quality. With both manual and automatic
production facilities, their workers can easily handle bulk orders within the
specified time period.
Quality is not a mere word for the company but something that initiates a
string of activities covering every minute detail of the products. Each and
every bag, cushion cover, bed sheet,
bed spread, wall hanging, curtain, handicraft item, fashion accessories, throw,
runner, placemat, photo frame and jewelry box is thoroughly checked and
rechecked before final dispatch to the market. To make certain that the final
outcome is perfect, they start taking precautions right from the beginning. All
raw-materials like cotton, polyester, silk, jute, velvet, beads, threads,
colors, etc. are strictly checked before they are purchased.
Their Endeavor
They are focusing on improving the quality and patterns of bags, home furnishing items and fashion
accessories. Their aim is to offer the widest variety of bag, cushion cover, bed sheet, bed spread,
wall hanging, curtain, handicraft item, fashion accessories, throw, runner,
placemat, photo frame and jewelry box at incomparable prices.
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.40.24 |
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1 |
Rs.83.04 |
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Euro |
1 |
Rs.55.60 |
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 |
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 |
NO |
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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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46 |
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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