MIRA
INFORM REPORT
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Report Date : |
20.06.2007 |
IDENTIFICATION DETAILS
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Name : |
JUCO FABS |
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Registered Office : |
4D, Dr. Amal |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1989 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Jute Based Fabrics. |
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 4000 |
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Status : |
Good |
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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 and its entire production is
exported. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. Nothing adverse reported. |
LOCATIONS
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Registered Office : |
4D, Dr. Amal |
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Tel. No.: |
91-33-23501611 / 25535516 |
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Mobile No.: |
91-9830371379 / 9903871379 |
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Fax No.: |
91-33-23501611 |
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E-Mail : |
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Website : |
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Area : |
1000sq.fts |
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Location : |
Rented |
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Factory : |
Post Ranagadh, Dist Nodia, |
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Area : |
5000sq.fts |
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Location : |
Rented |
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SOLE PROPRIETOR
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Name : |
Mr. Dulal Chandra Nandy |
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Designation : |
Proprietor |
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Date of Birth/Age : |
60 Years |
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Qualification : |
Post Graduate |
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Experience : |
35 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Jute Based Fabrics |
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Products : |
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Exports : |
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Products : |
Jute Products |
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Countries : |
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Terms : |
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Selling : |
L/C, T/T |
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Purchasing : |
Cash, Credit |
GENERAL INFORMATION
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Customers : |
Wholesalers, End Users |
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No. of Employees : |
125 (10 Office, 115 Factory) |
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Bankers : |
Bank of United Bank of Kole Market Branch, Kolkata |
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Facilities : |
The concern do not enjoy facility form its bankers |
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Banking Relations
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Satisfactory |
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Memberships: |
Jute Manufacturing Development Council of |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million |
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Borrowed : |
- |
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Total : |
Rs.1.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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10.000 |
8.000 |
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Export Value |
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10.000 |
8.000 |
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Expected Sales (2007-08) : Rs.15.000 millions
LOCAL AGENCY FURTHER INFORMATION
Company Details:
Subject is a 100% manufacturing unit of
jute, in form of diversified products in decentralized powerloom sector. With
over 35 years of experience in this trade, it has established itself as a
premier manufacturer of various kinds
of Jute Based Fabrics (Jute Cotton, Jute Silk, Jute Hemp, Jute Linen and
Jute Flex Fabrics), Shopping and Fancy Bags, Wine Bottle Bags, Tiffin Bags,
Table/Dinner Mats, Cushion Covers, Curtains, Jute Calendars, and Natural and
Colourful Jute Ribbons. Last year, the firm manufactured 4 million meters
of various Jute ribbons for export. With increased production capacities, it
has set the manufacturing target of 5 million meters of jute ribbons for
itself, this year.
From purchase of raw materials to packaging of the finished products, each
stage is carefully monitored by a team of experts to ensure the best quality.
It provides twin sources of income to over 100 local families by allowing the
women to take basic jobs at home on a contractual basis.
Jute is a bio-degradable and environment friendly fabric that is derived from
the plant sources. This is one fabric that is 'Eco-friendly', yet adds to the
style and class. World's famous fashion & interior designers use Jute for
their embellished made ups like bags, home furnishings and also many
fashionable accessories. This is the reason that Jute is known worldwide as
“The Golden Fiber”.
Their Market
Reputation
Subject is identified
as a symbol for precision, reliability and top performance in the international
market. Support and loyalty from customers has provided them a solid foundation
for the business which has also developed an enviable portfolio of quality
products to satisfy the challenging needs of the domestic and international
market. They regard only one belief “You will be known as excellent if you
are.... excellent". Their market reputation comes from the authenticity
and credibility of their organization, proved by its persevered efforts and a
long term vision.
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.40.82 |
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1 |
Rs.81.18 |
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Euro |
1 |
Rs.54.79 |
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 |
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 |
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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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