MIRA
INFORM REPORT
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Report Date : |
22.06.2007 |
IDENTIFICATION DETAILS
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Name : |
SPARX JEWELLERY |
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Registered Office : |
1189 / 1191, Kucha Mahajani, Chandni Chowk, |
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Country : |
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Date of Incorporation : |
April 2007 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Casting Jewellery and Silver Jewellery |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 4000 |
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Status : |
New Company |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern having satisfactory track. Proprietor
is reported as experienced and respectable businessman. Trade relations are
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
1189 / 1191, Kucha Mahajani, Chandni Chowk, |
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Tel. No.: |
91-11-23941611 / 23941738 / 23941386 |
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Mobile No.: |
91-9311174700 (Mr. Sunil Kumar Sharma) 91-9811342312 (Mr. Dinesh Sharma) |
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Fax No.: |
91-11-23901738 |
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E-Mail : |
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Area : |
600sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Dinesh Sharma |
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Designation : |
Proprietor |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Graduate |
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Experience : |
18 Years |
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BUSINESS DETAILS
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Line of Business : |
Manufacturer of Casting Jewellery and Silver Jewellery |
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Products: |
©
Silver Jewellery ©
Casting Jewellery ©
Diamond Jewellery |
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Terms : |
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Selling : |
Cash or 30-45 days Credit |
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Purchasing : |
Advance or Cash or 30-60 days Credit |
GENERAL INFORMATION
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Suppliers : |
Purchase of Raw Materials from Open Market |
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Customers : |
Local Jewellers form Chandni Chowk and all over |
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No. of Employees : |
4 |
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Bankers : |
Central Bank of Kashmeeri Gate, |
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Banking Relations
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- |
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Auditors : |
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Name : |
Mr. Dinesh Sharma Chartered Accountants |
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Mobile No.: |
91-9811342312 |
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Fax No.: |
91-11-23901738 |
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E-Mail : |
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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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30.06.2007 |
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Sales Turnover |
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2.000 (for 3
months) |
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Expected Sales (2007-08) : Rs.10.000 millions
LOCAL AGENCY FURTHER INFORMATION
Subject has just started his own business, proprietor is having 18 years
of experienced in the same trade.
Company Details:
Jewellery is a product that adds worth to an outfit, thereby
enhancing their personality and bringing out the best in them. Taking into
account this significance, they, Subject give top priority to the quality
factor and indulge in ceaseless efforts to upgrade the quality to the hilt.
They are a renowned manufacturer and exporter of Casting Jewellery,
Diamond Jewellery and Silver Jewellery. Their products take a clean
sweep over others and enjoy immense goodwill in the domestic as well as
overseas markets of
Flawless, eye-catching and
unrivaled jewellery is the hallmark of Subject. These parameters distinguish
them from others in the same domain and help them to sustain and expand their
client base.
Their Infrastructure
They possess a fully-equipped infrastructure,
comprising of state-of-the-art machinery as well as skilled and devoted set of
employees. These help them meet the high standards that they have set for
ourselves and develop better products each time. Regular interaction sessions,
attractive perks, benefits and salary hikes help them bring out the best in
their employees. Machinery, being another inseparable part of their
infrastructure is thoroughly lubricated and replaced with the new and improved
ones, from time to time. These measures help them yield maximum results from
their workforce and machinery, which form the backbone of their corporate
entity.
Quality.....Their Excellence
They do not make any compromises
on the quality of their products and strive to upgrade it on a regular basis.
Their products go through stringent quality checks at every level, right from
the manufacturing stage till the final product is ready for delivery. These
checks are in accordance with the global standards and thus, there remains no
scope for even the slightest of defects. As a result, they are able to deliver
genuine and impeccable quality jewellery to their final destination, leaving no
room for client grievances.
Subject Because.....
- Competitive
prices - the best price offered in the market
- Enhancement
of products in terms of quality and innovation
- Top-notch
quality products manufactured following stringent quality checks
- Ability to
meet the requirements of their customers and international quality
standards
- Perfect
combination of talented and experienced employees and hi-tech equipments
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.40.71 |
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1 |
Rs.81.24 |
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Euro |
1 |
Rs.54.63 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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27 |
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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