MIRA
INFORM REPORT
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Report Date : |
29.05.2007 |
IDENTIFICATION DETAILS
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Name : |
USHA HANDLOOM INDUSTRY |
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Registered Office : |
C-5/131 , Lawrence Road , Delhi-110035 |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1971 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacture and export of handloom products and Home Furnishing items like
Rugs , Durries , Kitchenware ,Tableware , chair covers with sash, home
furnishing , Cushion Covers, Yoga
Mats, Bath Mats, Bed Covers |
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 6000 |
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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 businessman. Trade relation 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 and conditions. |
LOCATIONS
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Registered Office : |
C-5/131, |
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Tel. No.: |
91-11-27194863 |
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Fax No.: |
91-11-27302337 |
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E-Mail : |
ushahind@ndf.vsnl.net.in |
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Area : |
1200sq.ft |
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Location : |
Owned |
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Factory 1 : |
F-1 and F-7, Weavers colony ,
Bharat Nagar, New Delhi-110052 |
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Tel. No.: |
91-11-27303320 |
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E-Mail : |
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Area : |
600 sq.ft. |
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Location : |
Rented |
SOLE PROPRIETOR
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Name : |
Mr. Padam Kumar Nagar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
61 Years |
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Qualification : |
Under Graduate |
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Experience : |
40 Years |
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Mobile No.: |
91-9312223553 |
BUSINESS DETAILS
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Line of Business : |
Manufacture and export of handloom products and Home Furnishing items
like Rugs , Durries , Kitchenware ,Tableware , chair covers with sash, home
furnishing , Cushion Covers, Yoga
Mats, Bath Mats, Bed Covers |
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Exports : |
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Countries : |
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Terms : |
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Selling: Local Sales: |
L/C, D/A, and DP: All and 30-60 days of credit Cash or 30 days credit |
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Purchasing : |
Cash or 30 days credit |
GENERAL INFORMATION
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Suppliers : |
Purchase of raw material from open market from Panipat, Pilakwa |
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Customers : |
Ahalens – Roger Edberg – Ohh Yahma-Japan |
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No. of Employees : |
22 |
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Bankers : |
Standard Chartered Bank Lord Krishna Bank Limited , |
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Banking
Relations : |
Satisfactory |
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Memberships : |
ITPO ,Indo German Chamber of
Commerce HEPC TEXTPROCIL AEPC Synthetic and Rayon Textile Promotion council. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.500 millions |
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Borrowed : |
Rs.0.000 million |
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Total : |
Rs.1.500 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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6.000 |
5.000 |
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Profit/Loss for the year |
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7-8% |
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Expected Sales (2007-08) : Rs.7.500 millions
LOCAL AGENCY FURTHER INFORMATION
Note : New Lawrence
Road is now known as Keshav Puram
Web Site Detail Attached:
Concepted in 1971 ,They are an internationally
acclaimed company engaged in the manufacture and export of handloom products
and home furnishing items like Rugs,Durries.,
kitchen ware ,Chair Covers with Sash ,Home Furnishings, Cushion covers ,
Yoga mats, Bath Mats,
Bed Covers. Their unrelenting approach has enabled them to achieve many
milestones in a short span of time . Today , they export the bulk of them
products to countries around the world .
Made
to complement any décor , their product will spice up current décor and
add a touch of elegance and warmth to your room. Gorgeous , Beautiful and lovely with intricate designs , beautiful motifs and luxurious
comfortable feel , they wide spectrum of
handloom and home furnishing products are bought not only for the functional
purpose that they serve but also as a collectible item. Their portfolio of
handloom and home furnishing items consists of:
- Rugs and
durries
- Kitchenware
- Tableware
- Chair Covers
with sash
- Home
Furnishing Items
- Cushion
- Cover And Bed Covers
- Yoga Mats and
bath Mats
At subject , all their products are made from
the finest of the raw materials. They take into consideration the natural
resilience, fineness, the sheen of the fiber and its adptability to most
colourful dyes before sending them for
production . all their products are manufactured using the
most advancied technologies . At
subject , they do not sell flawed
products.Every product of there is tested
in accordance with the highest standards of quality . their products durability , flexibility and most importantly they are affordable with
good quality.
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.40.73 |
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1 |
Rs.80.43 |
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Euro |
1 |
Rs.54.74 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
7 |
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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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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48 |
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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