MIRA
INFORM REPORT
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Report Date : |
15.06.2007 |
IDENTIFICATION DETAILS
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Name : |
ASCETIC EXPORT |
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Registered Office : |
E – 91, Siddharth Nagar, Malviya Nagar, Jaipur – 302017, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2007 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners |
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Line of Business : |
Manufacturers
and Exporters of Lac Handicrafts, Lac
Jewellery, Wooden Handicrafts, Silver Jewellery, Wooden Furniture and Home
Furnishing Handmade Paper Products |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4000 |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to established itself. Partners are relatively
young and energetic. No further details or payments records are available. The concern can be considered for small business dealings with slight
caution initially. |
LOCATIONS
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Registered Office : |
E – 91, Siddharth Nagar, Malviya Nagar, Jaipur – 302017, Rajasthan |
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Tel. No.: |
91-141-2549902 |
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Mobile No.: |
91-941405832 (Mr. Ritesh.K.Sharma) 91-9414042937 (Mr.Lalit.K.Agrawal) 91-9414949149 (Mr. Nishant
Soni) 91-9828245868 (Mr. Mohit Sethi) |
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Fax No.: |
91-141-2549902 |
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E-Mail : |
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Website : |
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Area : |
900sq. ft. |
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Location : |
Owned |
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Factory 1 : |
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Area : |
650sq.mtrs |
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Location : |
Owned |
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Factory 2 : |
E – 91, Kailash Puri Colony, Ramgargh, Morde, Jaipur, Rajasthan |
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Tel. No.: |
91-141-2631228 |
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E-Mail : |
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Area : |
1000 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Ritesh Sharma |
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Designation : |
Partner |
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Date of Birth/Age : |
31 Years |
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Qualification : |
Graduate |
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Experience : |
5 Years |
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Name : |
Mr. Nishant Soni |
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Address : |
F – 6, Gem Junction, 1476 Baron Ganguar Ka Rastra, Johari Bazaar,
Jaipur, Rajasthan |
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Designation : |
Partner |
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Date of Birth/Age : |
24 Years |
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Qualification : |
Graduate |
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Experience : |
2 Years |
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Name : |
Mr. Mohit Sethi |
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Address : |
S – 44 -45, Mansarovar Colony, Near |
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Designation : |
Partner |
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Date of Birth/Age : |
22 Years |
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Qualification : |
Graduate |
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Experience : |
1 Years |
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Name : |
Mr. Lalit K. Agrawal |
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Address : |
13, Shivaji Marg , Govind Nagar (East), |
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Designation : |
Partner |
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Date of Birth/Age : |
25 Years |
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Qualification : |
Graduate |
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Experience : |
3 Years |
BUSINESS DETAILS
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Products : |
Lac Products, Home Furnishing,
Silver Jewelry, Wooden Handicraft, Handmade Paper Products, Metal Handicraft |
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Line of Business : |
Manufacturers
and Exporters of Lac Handicrafts, Lac Jewellery,
Wooden Handicrafts, Silver Jewellery, Wooden Furniture and Home Furnishing
Handmade Paper Products |
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Terms : |
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Selling : |
L/C, Cash, Credit, Sight |
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Purchasing : |
L/C, Cash, Credit |
PRODUCTION STATUS
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Particulars |
Installed
Capacity |
Actual
Production |
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Home Furnishing |
100 |
50 |
GENERAL INFORMATION
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Customers : |
Local Customer, End Users |
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No. of Employees : |
25 (5 office, 20 Factory) |
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Bankers : |
Canara Bank, M I Road, Jaipur, Rajasthan. |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Cash |
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Auditors : |
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Name : |
Not Appointed |
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Address : |
Ambala Cantt |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 millions |
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Borrowed : |
- |
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Total : |
Rs.1.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2007-08) : Rs.3.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES
1)
Mr. R. C. Lakhoita
Lakhotia Jewels A -28
Kriti Nagar,
2)
Mr. Saryu S. Sharma
Bairaj Exports,
Sita Bari, Near
Jaipur – 0141 - 2550886
Company Details:
They carefully pick their artisans from across the nation to ensure that
hands behind every product, they manufacture, are tinted with the shades of
expertise and experience. They possess adequate number of skilled artisans and
are equipped with sophisticated machinery enabling them to produce in bulk in a
short time period.
Their products are splendidly designed in unique patterns and manifest
masterpiece artisan ship and sincere efforts and their range of products
includes:
Lac Handicraft
Jewellery Boxes
Glasses, Napkin Holders
Paper Weights, Key Chains
Ash Tray, Tea Coasters
Photo Frames, Mirror Frames
Christmas Hangings & Decoration Items
Lac Jewelry
Lac Necklace Sets, Lac Pendant Sets
Lac Earrings Lac Bangles (Jaipuri Lac Bangles)
Silver Jewelry
Silver Ring, Silver Bracelet, Silver Pendant,
Silver Necklace, Silver Earrings
Home Furnishing
Bed Spreads, Cushion Covers, Table Runners,
Table Covers, Curtains
Wooden Handicraft
Key Chains, God Idols, Decorative Items
Strengths
Infrastructure
They have a sound infrastructure that acts as an important input to achieve
their targets without any hassles. Their designers and craftsmen possess a high
degree of expertise and have the flair to create innovative products. With
their sound infrastructure and dedicated team, they are poised to deliver
products that are at par with the international standards.
Quality
Quality is quintessential
to their organization. They strictly adhere to stringent quality control norms
from the stage of procuring raw material to the final packaging of their
products to ensure their products are in conformation to the international
standards.
On Time Delivery
With well-defined line of
hierarchies and comprehensive set up, they are capable of delivering even
voluminous order within the stipulated time.
Pricing
They are committed to offer
their products at competitive and reasonable prices. To fulfill their
commitments they adhere to cost effective methods of production and optimal use
of resources. Their pricing gives them a cutting edge over their competitors.
Customer Satisfaction
They strive hard to achieve
the highest level of customer satisfaction by offering the best of their
products and services at competitive prices. They have a large client base
spread across the five continents.
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.40.84 |
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1 |
Rs.80.47 |
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Euro |
1 |
Rs.54.32 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
2 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
3 |
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--PROFITABILIRY |
1~10 |
1 |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
NO |
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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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18 |
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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