MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JAIN NOVELTY CHURI EMPORIUM |
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Registered Office : |
5396/2, 1st
Floor, New Market, (Near Teliwari Chowk), Sadar Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Sole Proprietory
Concern |
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Line of Business : |
Manufacturer and
Exporter of Bangles |
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 8000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well
– established concern having satisfactory track. Trade relations are fair.
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 : |
5396/2, 1st
Floor, New Market, (Near Teliwari Chowk), Sadar Bazar, |
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Tel. No.: |
91-11-2352 7969,
2362 6293 |
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Fax No.: |
91-11-2362 6293,
2732 2858 |
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E-Mail : |
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Website : |
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Area : |
800 Sq. ft. |
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Location : |
Owned
(Commercial) |
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SOLE PROPRIETOR
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Name : |
Mr Devender Jain |
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Designation : |
Proprietor |
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Address : |
85 Ground Floor, UP Block, Pitam Pura, |
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Date of Birth/Age : |
48 Years |
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Qualification : |
Graduate |
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Experience : |
25 Years |
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KEY EXECUTIVES
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Name : |
Mr Rajat Jain |
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Designation : |
Chief Executives
Officer |
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91 98103 10648 |
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Name : |
Mr Nipun Jain |
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Designation : |
Key Executive |
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91 98717 10648 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and
Exporter of Bangles |
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Products : |
♦
Metal,
Lac, Glass, Wedding Bangles ♦
Jhumki
Bangles ♦
Hanging
Bangles ♦
Folding
Bangles ♦
Kundan
Bangles ♦
Bead
Bangles ♦ Stone Bangles |
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Exports : |
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Countries : |
Mainly |
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Terms : |
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Selling : |
Cash |
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Purchasing : |
Cash |
GENERAL INFORMATION
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No. of Employees : |
4 - 6 |
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Bankers : |
Citibank |
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Associates/Subsidiaries : |
Balwant Singh
Sunder Singh & Company |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.2.000 millions |
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Borrowed : |
- |
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Total : |
Rs.2.000 millions |
FINANCIAL DATA
[all figures are in
Rupees Millions]
PROFIT & LOSS
ACCOUNT
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
18.000 |
15.000 |
13.000 |
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Profit/(Loss)
Before Tax |
NA |
0.375 |
0.260 |
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Provision for
Taxation |
NA |
0.127 |
0.065 |
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Profit/(Loss)
After Tax |
NA |
0.248 |
0.195 |
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Export Value |
NA |
30-40% |
NA |
Expected Sales (2007-08) : Rs.20.000 millions
KEY RATIOS
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PARTICULARS |
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31.03.2006 |
31.03.2005 |
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PAT / Total Income |
(%) |
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1.65 |
1.50 |
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Net Profit Margin (PBT/Sales) |
(%) |
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2.50 |
2.00 |
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Return on
Investment (ROI) (PBT/Networth) |
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12.38 |
10.83 |
LOCAL AGENCY FURTHER INFORMATION
Company Details:
The subject company was established in 1986 by Mr Devender Jain (Age: 48
Years), Proprietor. The subject is a
manufacturer and supplier of metal and all types of bangles. The subject is manufacturing bangles from
their own manufacturing unit and also gets it manufactured from third party.
The inquired Address is the subject’s business address/showroom which is
situated at commercial area. Mr Devender
Jain, Proprietor is having around 25 years experience in bangle industry.
The subject is reportedly exporting bangles through their associates to
As Per Website
Details
They, “Arhum Bangles”, proudly introduce themselves as
the unmatched manufacturer and exporter of superior quality Metal, Lac, Glass, Wedding Bangles,
Jhumki Bangles, Hanging Bangles, Folding Bangles, Kundan Bangles, Bead Bangles
and Stone Bangles. Since, their inception in the year 1986,
they excel in custom designing of products to meet the exact requirements of
their clients. Their Bangles have become fashion statement in the global market
owing to their enthralling colors, their lovely designs & patterns and
ornamental appeal. Their Bangles showcase uniqueness, variety and are designed
keeping in mind the prevailing market and fashion trends. Their original,
traditional and intricate designs have evoked a unique appeal worldwide.
Several years of rich experience in this field has given us the knowledge and
expertise to gain competitive edge in the highly demanding global market. They
believe that a product with premium quality becomes a differentiating factor in
making the buying decision easy. So, they leave no stone unturned when it comes
to quality. They have a proficient team of designers, sales representatives and
professionals who have the technical expertise and in-depth knowledge of market
requirements.
Product Features
- Traditional, Trendy, classical &
contemporary
- Industry Leading Prices
- Prepared from the superior quality raw
material sourced from the reputed manufacturers and suppliers
- Exquisite varieties
- Enchanting Colors
Their Quality
Their products are known for their impeccable quality and excellent
craftsmanship in the worldwide market. They strive to elevate the standard of excellence
by providing premium quality products. Each and every product manufactured by
us passes through expert hands before it is finally dispatched to the buyers.
Their comprehensive quality standards have established us as the most reputed
manufacturer and exporter of impressive range of Bangles including Metal, Lac, Glass, Wedding
Bangles, etc.
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 |
|
US Dollar |
1 |
Rs.40.97 |
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1 |
Rs.80.73 |
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Euro |
1 |
Rs.54.56 |
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 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
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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54 |
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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