MIRA
INFORM REPORT
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Report Date : |
07.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
SARASWATI EXPORTS |
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Registered Office : |
3 Ganesh Colony, Behind Golimar Garden, Amer Road, Jaipur – 302002,
Rajasthan |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1986 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Saddlary, Harness, Bridles and Horse
Riding Products. |
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 80000 |
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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. Proprietor is reported as experienced and respectable businessmen. Trade relations are reported as 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/Factory : |
3 Ganesh Colony, Behind Golimar Garden, Amer Road, Jaipur – 302002,
Rajasthan, India |
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Tel. No.: |
91-141-2671890 |
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Mobile No.: |
91-9829051707 |
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Fax No.: |
91-141-26165299 / 2672053 |
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E-Mail : |
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Website : |
http://www.saraswatiexports.com |
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Area : |
20000 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Mahesh Choudhary |
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Designation : |
Sole Proprietor |
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Address : |
Jaipur, Rajasthan, India |
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Date of Birth/Age : |
45 years |
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Qualification : |
Graduates |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Saddlary, Harness, Bridles and Horse
Riding Products. |
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Exports : |
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Products : |
Hand Knotted Carpets, Handicrafts, etc. |
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Countries : |
U.S.A., Germany, Canada & Whole Europe |
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Imports : |
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Products : |
Fabric & Silk |
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Countries : |
China |
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Terms : |
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Selling : |
L/C, Cash and Credit [ 30 days] |
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Purchasing : |
L/C, Cash, Sight and Credit [30 days] |
GENERAL
INFORMATION
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Customers : |
Manufacturers, Whole Sellers, Retailers and End Users |
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No. of Employees : |
575 |
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Bankers : |
State Bank of Bikaner & Jaipur Jaipur, Rajasthan, India IndusInd Bank Jaipur, Rajasthan, India |
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Facilities : |
State Bank of Bikaner & Jaipur – Credit Limit : Rs. 15.000
millions IndusInd Bank : Credit Limit : Rs. 20 millions |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 20.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
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Sales Turnover |
400.000 |
389.800 |
385.000 |
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Net Profit |
34.500 |
34.200 |
33.900 |
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Export Value |
100% |
100% |
100% |
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Import Value |
10% |
12% |
11% |
Expected Sales for March, 2007 : Rs. 500.000 millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference :
> Inter Trade, U.S.A.
> Dover Decorate, U.S.A.
> Global Export & Import, Canada
The concern’s production depends on the
demand.
WEBSITE DETAILS
Saraswati Exports is among the very few companies in India which has in house production facilities including Spinning of Yarn, Wool Dyeing, Designing, Weaving and Finishing etc. The group turnover is crossing Rs. 1000 millions with annual export of Rs. 400 millions to U.S.A.
Saraswati Exports has its own raw material purchase department and very big godown in Bikaner, the biggest wool center in Asia. Company has in house facility of spinning of yarn at spinning mill, Bikaner, Rajasthan. They purchase best quality of wool and silk for carpet production. Company has own modern automated Wool / Silk dyeing machines and dryer with the facilities of charkha dyeing and Bhatti dyeing. They have latest equipments in their testing lab for testing of wool quality and dyeing quality.
Saraswati Exports has India’s biggest research & design development department for carpets, where 50 employees are working on 30 computers, 3 plotters. Their company did extensive market survey research and updating the technical know how based upon developing and changing and evolving trends and demands in the world markets have developed innumerable designs and qualities of carpets in hundred of colours, constructions etc. They have experts and experienced designers, matchers, developers for regular development of new concepts of carpet designs as per the International level to meet the requirements of the consumers and also to achieve good aesthetic look, cost effectiveness and long durable quality. Saraswati Exports has a very large collection of designs developed in past 20 years, has launched thousands of carpets with distinctive designs and ornamental patterns, which has been accepted globally.
Saraswati Exports has its own finishing centers, where raw carpets are being finished. Carpet finishing involves many steps including - Clipping, Thukai, Birai, Karni, Washing, Rafoo final clipping etc. One carpet takes 4 to 18 months for production depending upon its size, quality, design etc.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.44 |
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UK Pound |
1 |
Rs.85.89 |
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Euro |
1 |
Rs.58.54 |
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 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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