MIRA INFORM
REPORT
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Report
Date : |
19.06.2007 |
IDENTIFICATION DETAILS
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Name : |
FINE ART AND EXPORTS |
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Registered
Office : |
E-1/2, M.I.A., Phase-II, Basani, |
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Country
: |
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Financials
(as on) : |
31.03.2007 |
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Date
of Incorporation : |
1995 |
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Legal
Form : |
Partnership Concern with an unlimited liability of the
partners. |
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Line
of Business : |
Exporter and Importer of Handicrafts and Textile products. |
RATING
& COMMENTS
|
MIRA’s
Rating : |
Ba |
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 14000 |
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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. Partners
are reported as experienced and respectable businessmen. Trade relations are
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 : |
E-1/2, M.I.A., Phase-II, Basani, |
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Tel.
No.: |
91-291-2742122/ 2746089 |
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Mobile
No. : |
91-9829025431 |
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Fax
No.: |
91-291-2746087/ 2742254 |
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E-Mail
: |
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Website
: |
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Area : |
35,000 sq. ft. |
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Location : |
Owned |
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Factory
and Warehouse : |
E-1/2, M.I.A., Phase-II, Basani, |
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Tel.
No.: |
91-291-2742122/ 2746089 |
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Fax
No.: |
91-291-2746087/ 2742254 |
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Mobile
No. : |
91-9829025431 |
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E-Mail
: |
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Website
: |
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Area : |
45,000 sq. meters |
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Location : |
Owned |
PARTNERS
|
Name : |
Mr. Shreyansh Daga |
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Designation
: |
Partner |
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Date
of Birth/Age : |
30 Years |
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Qualification
: |
Graduate (B. Com.) |
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Experience
: |
7 Years |
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Name : |
Mr. P C Daga |
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Designation
: |
Partner |
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Date
of Birth/Age : |
47 Years |
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Qualification
: |
Graduate (Textile Business) |
BUSINESS
DETAILS
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Line
of Business : |
Exporter, Importer of Handcraft and Textile products. |
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Products
: |
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Exports
to : |
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Terms
: |
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Selling : |
D/P, L/C and Credit at sight basis |
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Purchasing : |
Cash or Credit upto 30-45 days |
GENERAL
INFORMATION
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Trade
References : |
1.Pear Import Paris ( 2. |
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Customers
: |
Wholesalers |
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No. of
Employees : |
22 |
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Bankers
: |
Industrial Development Bank of |
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Facilities : |
-- |
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Banking Relations : |
Unknown |
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Auditors
: |
S.S. Sanghvi and Associates Chartered Accountant |
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Address
: |
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CAPITAL
STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 3.500 millions |
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Borrowed : |
Nil |
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Total : |
Rs. 3.500 millions |
FINANCIAL
DATA
[all
figures are in Rupees Millions]
|
Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales
Turnover |
29.000 |
27.500 |
26.500 |
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Profit/Loss
for the year |
NA |
NA |
1.700 |
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Export
Value |
100% |
100% |
100% |
Expected
Sales (2007-08) : Rs. 30.000 – 35.000 millions.
LOCAL
AGENCY FURTHER INFORMATION
PROFILE
The concern is a leading name in the wooden and iron
handicraft products. The concern has come up with a drawer chest that feature
sixteen drawer allotting the extra space. Its handle is made of iron that adds
durability and safety to this product. Its comes with spare space on the top of
the table to increase its usefulness.
The concern is a leading supplier, exporter and importer and
manufature of Furniture and Handicraft products. The company specializes in the
manufacture and export of wooden furniture, iron furniture, wooden and iron
gift articles, Antique reproduction furniture, marbale and stone articles, wine
racks, almirahs, sideboards, cabinets, candle stand, readymade textile, home
furnishing, made ups and much more.
Since its establishment in 1996, the concern has kept a good
record of providing superior quality products and services to customers all
over the world. With in-house facility for all stages of manufactur and final
fishing, its become easy for the company to maintain the standard of quality
that customers demand.
The Fine Art lable consists of custom made design, that are
conceived by the company superior craftmem. They are made to order from your
specifications, thus providing the perfect solution for your requirements in
design and style. This service offers an extension to the company’s regular and
one of a kind products. Minimum orders are required, but the cost will surprise
you.
The company’s warehouse and factory is situated at Basni in
Trade References:
- Pear
Import, Paris (
- Art
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.40.76 |
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|
1 |
Rs.80.67 |
|
Euro |
1 |
Rs.54.58 |
SCORE
& RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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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 |
|
45 |
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>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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