MIRA
INFORM REPORT
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Report Date : |
11.03.2007 |
IDENTIFICATION DETAILS
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Name : |
MOHAMMAD RAMZAN BHAT AND SONS |
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Registered Office : |
E – 32, 3RD Floor, Lajpat Nagar – 2, |
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Country : |
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Date of Incorporation : |
1970 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partner. |
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Line of Business : |
Manufacturer and Exporters of Papier – Machine, Carpets, Pashmina
Shawls, Scarfs, Chain – Stitch rugs and all Indian Handicrafts |
RATING & COMMENTS
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MIRA’s Rating : |
C |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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Maximum Credit Limit : |
- |
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Status : |
Inactive |
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Comments : |
Mr. Javed Hussain, one of the partners confirmed the concern is no more
active due to downfall in business. The managing partner, Mr. Zaffar Hussain
left We do not recommend any business dealings with the subject. We are enclosing herewith an old report from our database. |
MOHAMMAD RAMZAN BHAT AND
SONS
FACTORY
v
Gazi-Doori, Almgari Bazar,
Tel.: 91-194-2423133/2423823
HISTORY
Subject was established in the year 1970 in
LEGAL FORM
Subject is a partnership concern with an unlimited liability of the partners.
PARTNERS
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Mr. Zaffar Hussain |
Partner |
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Age |
39 years |
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91-9811081262 |
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Mr. Javid Hussain |
Partner |
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Age |
35 years |
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91-9868269714 |
BUSINESS
Subject acts as Manufacturers and Exporters of Papier-Machine, Carpets, Pashmina Shawls, Scarfs, Chain-Stitch rugs and all Indian handicrafts.
Subject does not import and it purchases locally against Credit (30 days).
It sexports Shawls (Silk Pashmina, Woollen, Angoora Shawls) Scraves and Stoles, Carpets, Rugs and Durries, Gift Articles, Handicrafts, Papier Mache of Akshmir, Brassware, Incense sticks, Tea and Rice with gift pack to Europe, America, Middle East and South America.
It sells against 100% TT terms.
The subject exports the following products:
v Scarves
v Silk Pashmina
v Angoora Shawls
v Carpets
v Durries
v
v Stoles
v Shawls
v Pashmina Shawls
v Carpets
v Decorative Products
v Artwares
v Pashmina Shawls
v Wool
v Woollen Textiles
v Gifts items Christmas (Balls, Bells, Stars, Moons, Shooting Stars, Santa Clause, Angles, Candies, Toys and many different hanging items for Christmas festival)
v Photo Frames
Subject’s production type is 100% hand made.
As claimed by the subject its production capacity is 100,000 pieces per month.
PROFILE:
Subject
is one of the leading Handicraft merchant exporter of various exclusive range
of products. As a concern of International repute, subject competes with
unparalleled rivalry in its sphere. The concern manufactures and delivers best
of shawls, scarves, bandanas, bags and much more.
Papier Machie
Papier Machie is the most characteristic Kashmiri craft. The basic papier
machie article is made in a mould, then painted and polished in successive
layers until the final intricate design is produced. Designs in the shape of
flowers and birds, and the heart shaped
The concern has brilliant intricacy of patterns along with trendy color scheme
in the following range of products:
-Carpets, rugs & durries
-Puja items
-Merchant exporter of rice and tsea
-Products in papier mache
-Brassware handicrafts
-Shawls in pashmina, embroidery, wool, viscose, cotton, silk velvet, polyster,
mohari, synthetic, acrylic etc.
-Designer ladies scarves
The concern follows a customer-centric approach and their name has become
synonymous for quality and value. They procure raw products from reputed
suppliers, to be able to deliver quality products at the best competitive
prices available. Mohd. Ramzan understands the needs if its buyers. The concern
sticks to absolute quality as far as its adherence to corporate principles and
ethics are concerned. Quality tests are undertaken to evaluate the worth of
every product manufactured. The concern benefits from exclusive quality
inspectors who are trained in quality control practices and have years of
industrial experience.
Professionally managed by highly intellectual and experience team, the concern
is focused towards customer satisfaction. The concern produces 100% handmade
products. Mohd. Ramzan is proud member of various handicraft and handloom
related associations like - AEPC, HEPC, EPCH etc. Matchless array of products
with timely deliveries are the two qualities of the subject.
Subject employs around 80 persons in its set up.
Subject operates from caption owned office cum residence premises of area admeasuring around 1500 sq.fts.
It also operates from caption owned factory premises of area admeasuring around 300 sq.mtrs.
SISTER CONCERNS
Nil
MEMBERSHIPS
v
Apparel Export Promotion Council (AEPC),
Ministry of Textiles, Government of
v Handloom Export Promotion Council (HEPC)
v Confederation of Indian Industry (CII)
v
Handicraft
BANKERS
v
The Jammu and Kashmir Bank Limited,
v
The Jammu and Kashmir Bank Limited,
FINANCIAL INFORMATION
[figures are in Rupees Millions]
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PARTICULARS |
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31.03.2004 |
31.03.2003 |
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Capital Investment |
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5.000 |
5.000 |
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Annual Turnover |
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42.500 |
40.000 |
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Profit Before Tax |
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5.900 |
5.200 |
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Profit After Tax |
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4.000 |
3.400 |
Projected Turnover for Current Year (2004-05) Rs. 48.000 millions
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 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 |
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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