MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
KWALITY KANGAN |
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Registered Office : |
5456, Gandhi Market, Sadar Bazar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1991 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Bangles,
Fashion Jewellery, Imitation and Costume Jewellery. |
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
6000 |
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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 concern having satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. Scale of activity is
small. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
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Registered Office : |
5456, Gandhi Market, Sadar Bazar, |
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Tel. No.: |
91-11-23545755 / 23620072 / 66304133 / 66304135 |
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Mobile No.: |
91-9899995377 / 9891554040 / 98999 95366 / 9811117040 |
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Fax No.: |
91-11-23545755 / 66304069 |
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E-Mail : |
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Website : |
http://www.kwalitykangan.com |
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Area : |
1200 sq. ft. |
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Location : |
Owned [Commercial] |
SOLE PROPRIETOR
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Name : |
Mr. Sushil Kumar Jain |
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Designation : |
Sole
Proprietor |
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Address : |
A-300/3, Derawal Nagar, |
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Date of Birth/Age : |
46 years |
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Qualification : |
Graduate |
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Experience : |
26 years |
KEY EXECUTIVES
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Name
: |
Mr. Pramod Kumar |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Bangles,
Fashion Jewellery, Imitation and Costume Jewellery. |
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Products : |
¡ Bangles ¡ Imitation Jewellery ¡ Metal Bangles ¡ Glass Bangles ¡ Plastic Bangles ¡ Lac Bangles ¡
Costume Jewellery |
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Exports to : |
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Imports from : |
Domestic
Market |
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Terms : |
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Selling : |
Only Cash |
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Purchasing : |
Only Cash |
GENERAL INFORMATION
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Customers : |
¡
Wholesalers |
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No. of Employees : |
About 10 |
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Bankers : |
¡
Bank of ¡
Citi Bank |
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Facilities : |
The concern enjoys overdraft facility from its banker. |
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Banking Relations : |
-- |
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Auditors : |
Subhash Goel and Company Chartered Accountants |
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Sister Concerns : |
Kwality
Creations Year of Establishment : 4.11.1999 Legal Status : Proprietory Concern IEC No. : 0599039779 Name of Proprietor : Mrs. Archana Jain [Wife of Mr. Sushil Kumar Jain] Line of Business : Exporters of Bangles Turnover : Rs. 5.000 millions Kwality
Bangle Stores 89, Sudeshi Market, Sadar Bazar, Line of Business: Manufacturers and Exporters of Bangles, Fashion Jewellery, Imitation and Costume Jewellery |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
1.500 millions |
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Borrowed : |
Nil |
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Total : |
Rs.
1.500 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 |
8.000 |
7.500 |
6.000 |
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Profit Before Tax |
NA |
0.113 |
0.081 |
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Profit After Tax |
NA |
0.080 |
0.065 |
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Net worth |
NA |
1.500 |
1.420 |
Expected
Sales for March, 2008 is Rs. 9.000 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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1.07 |
1.08 |
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Net
Profit Margin (PBT/Sales) |
(%) |
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1.50 |
1.35 |
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Return
on Investment (ROI) (PBT/Networth) |
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5.33 |
4.58 |
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS
Adorning the glamorous You
These days,
Bangles are worn by fashion conscious young girls with as much style as their
mothers and grandmothers wore as part of ritual and tradition. With bold
flashes of color and wonderful motifs like anchors and flowers, the bangles are
perfect accessories to spruce up any outfit.
Subject is adorning the soft wrists of
Indian woman since more than four decades. They are a leading manufacturer and
exporter of all types of bangles, bindi and imitation jewellery. They are one of
the major producers of Jewellery in the world. They had export licence with the
name of "KWALITY CREATIONS INDIA". The large market in
They
have a wide selection of amazingly glamorous products to offer. Any kind of
affair to attend will surely be memorable to people seeing you wear their
ethnic wears. They have the latest in Indian and Asian jewellery. Like their
bangles from
Experience
the touch of Indian fashion in your style today. Order their classy and
one-of-a-kind bangles. Kwality Kangan is the house of beautiful and excellently
designed imitation jewellery. Their specialty, bangles are nothing but
priceless, must-have for the glamorous you ! Every man or woman deserves the
kind of excellence in clothing and jewellery that they offer - in the most
elegant way of fashion. With their ardent passion in preserving the Indian
fashion tradition, they are deeply committed to bring only top quality bangles.
Company Profile
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Business Type |
Exporter,
Manufacturer |
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Export Percentage |
50% |
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No of Staff |
30 |
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Year of Establishment |
1960 |
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No of Production Lines |
8 |
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Export Markets |
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OEM Service Provided |
No |
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Production Type |
Hand-made |
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No of Engineers |
5 |
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Monthly Production Capacity |
As per requirement |
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Memberships: |
EPCH |
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Bangles, Bindi and
imitation jewelry |
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.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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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
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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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