MIRA
INFORM REPORT
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Report Date : |
08.06.2007 |
IDENTIFICATION DETAILS
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Name : |
PUSHPA EXPORTS |
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Registered Office : |
NH – 8, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1970 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of all types of Handicrafts, wooden carvings
decorators, like jewellery boxes, bowls and silver and metal fabricated woodn
furniture. |
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 16000 |
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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 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 : |
NH – 8, |
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Tel. No.: |
91-294-2442681, 2450297 |
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Mobile No.: |
91-9352521265 |
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Fax No.: |
91-294-2442681 |
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E-Mail : |
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Website : |
www.pushpaexports.com ; www.silver-furniture-exporter.com
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Area : |
4000 Sq. fts. |
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Location : |
Owned |
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Factory : |
8, |
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Area : |
16000 Sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Narendra Bhansali |
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Designation : |
Proprietor |
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Mobile No.: |
91-941467499 |
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Date of Birth/Age : |
53 years |
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Qualification : |
Under Graduate |
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Experience : |
35 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of all types of Handicrafts, wooden
carvings decorators, like jewellery boxes, bowls and silver and metal
fabricated wooden furniture. |
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Exports : |
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Products : |
Handicrafts and Furniture |
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Countries : |
Europe, |
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Terms : |
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Selling : |
L/C, Cash or Credit |
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Purchasing : |
L/C, Cash or Credit (60 days) |
PRODUCTION STATUS
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Products |
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Actual
Production |
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Wooden Furniture and Handicrafts |
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As per Demand |
GENERAL INFORMATION
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Customers : |
Local Customers and End Users |
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No. of Employees : |
66 (Office: 6; Factory: 60) |
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Bankers : |
v
UTI Bank, v
Punjab National Bank, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Not Permanent |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 4.000 millions |
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Borrowed : |
- |
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Total : |
Rs. 4.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
30.000 |
28.900 |
18.300 |
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Profit for the year |
1.050 |
0.865 |
0.500 |
LOCAL AGENCY FURTHER INFORMATION
Trade References
v
ICAKLE –
v
ASWXITO –
Website details attached
Subject a Pushpa group of companies welcomes you to the realm of
handicrafts era. The group is engaged in the array of artistic workmanship since
1970’s. The group is involved in Manufacturing
& Exporting of Silver, White Metal (German silver), Meenakari –
Enamelled, Wooden, Bone-Seap Inlay, Marble and Metal articles & Furnitures,
Paintings & Textiles
and is domiciled in
Subject provides a mesmerizing collection of Hand Crafted furniture
& Marble Artifacts under one roof. Contemporary, Classical, Colonial &
Rustic Designs of Pushpa are replicas to the one which were once
adorned by the beautiful palaces all over the world.
Backed by a highly skilled team of artisans, craftsmen & designers, Subject is
committed to deliver the best to the customers.
Subject has a broad product portfolio of more than 3500 products Which truly
matches with the taste of royal dynasties of the world, be it Moughal, Roman,
British or Rajput Dynasty Commitment to quality, unique designs and
customization has won the group accolades in the international arena.
Silver Articles
and Furniture
Silver as a precious metal has been used to decorate the surface of
beautifully carved wooden products from ancient times. This intricately carved
pure Silver & Teak wood based furniture is a favorite amongst the admirers
of exquisitely appealing furniture.
White Metal Articles and Furniture
Craftsmenship handed over from generation to generation brings out the
best White Metal Furniture. This range of Furniture & Accessories truly
blends with the taste of Royal and Traditional Background, but at the same time
we do take care of the present needs and style.
Meenakari / Enameled Articles and Furniture
Meenakari/Enamelling is purly a colorful work, which is really laborious
work. The colors are filled in metal sheet and baked in high temperature. This work
is handed over from generation to generation brings out the better picture of
tomorrow in today’s life.
Wooden and Antique Reproduction Articles and Furniture
An exclusive range of Wooden furniture is available in Colonial,
Contemporary and Rustic designs consisting of Chairs, Brass fitted Wardrobes,
Wooden Cabinets, Corner Units, Books Shelves, Wooden Opium table, Wooden Pida
Chair, Jarokha, Benches, etc.
Bone-Seap (Shell) Articles and Furniture
These Products are made of Camel Bone and Seap “Mother of Pearl”. These
articles are made by highly skilled workers. We also do inlay of bone in wooden
products. We have a huge range in this category like Frames, Chair, Side board,
Sofa set, Doors, Window, Loungers, Boxes, Table, Tissue paper box, Dressing
table, etc.
Marble Crafts and Accessories
They provide an in-depth range of Marble Handicrafts comprising of Inlay
Table Tops, Statues,
Gift Articles
Weather it is Happiness or Sorrow we exchange gifts on every occasion,
For that they have wonderful gifts for you and your loving ones
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. 40.98 |
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1 |
Rs. 80.98 |
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Euro |
1 |
Rs. 54.99 |
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 |
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 |
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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49 |
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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