MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ARTISANS JODHPUR V EXPORTS INC |
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Registered Office : |
Showroom and Regd. Office: |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2000 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of Indian Artistic Wooden Handicrafts. |
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 20000 |
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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 businessman. 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 : |
Showroom and Regd. Office: |
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Tel. No.: |
91-291-2544265 |
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Mobile No.: |
91-9314716838 |
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Fax No.: |
91-291-2544867 |
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E-Mail : |
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Website : |
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Area : |
500sq.mtrs. |
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Location : |
Owned |
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Factory 1 : |
Basini, |
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Area : |
40000sq.fts |
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Location : |
Owned |
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Factory 2: |
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Area : |
10000sq.fts |
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Branches : |
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Tel. No.: |
206-203-5456 |
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Area : |
50000sq.mts |
SOLE PROPRIETOR
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Name : |
Mr. Krishan K. Singh |
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Designation : |
Proprietor |
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Address : |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Post Graduate |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Indian Artistic Wooden Handicrafts. |
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Products : |
Wooden Furniture §
Beds §
Tables Antique Furniture
Wooden Handicraft Garden |
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Exports : |
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Products : |
Wooden Furniture |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit |
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Purchasing : |
L/C, Cash, Credit, Sight |
GENERAL INFORMATION
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Customers : |
Retailers |
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No. of Employees : |
100 (10 Office, 90 Factory) |
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Bankers : |
State Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Datre and Company Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.5.000 millions |
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Borrowed : |
- |
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Total : |
Rs.5.000 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 |
30.000 |
22.500 |
20.000 |
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Profit/Loss for the year |
1.230 |
1.220 |
1.000 |
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Expected Sales (2007-08) : Rs.35.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website Details:
Manufacturers of Indian
artistic wooden handicrafts located in northern
They have Ready stock of 10-12
containers at any time.
Factory-1 : Comprising works for Antique
& antique Reproduction, having total area of 80,000 sq.feet
Factory-2 : Producing New
furniture, having total area of 68,000 sq.feet
They have in house product design & development facilities at their
city office
Both units has work force of 100 artisans
involved in various aspect of production for generations these local artisans
have created amazing traditional hand
carved furniture using India's indigenous woods
They are constantly developing new designs using combination of
different materials including leather, metals (brass, white metal, copper &
nickel), ceramics, glass, textiles, marble, granite and sandstone as per
clients designs & specifications viz., TV cabinets, bookshelves, Dinning tables, armories, doors, beds, console
these products are made to excel to twin purpose decorative as well as
functional.
They offer exclusive and exquisite range of wooden products of arts and crafts
which are unique blend of Indian traditional and contemporary reflections.
Their premium wood transformed uncanny artifacts under the connoisseurship of
experts is astounding visit their portal gallery for grandeur exposition
of their quality products
They are looking for
selected distributor (area/region/country wise) to strengthen their distributor
network all over the world and they can offer very good prices to their
distributors depending on the order quantity. They assure you that their prices are most competitive and reasonable.
They have carved a niche
for themselves in international market having symbiotic bond of trust with
their customers which comprises wholesalers, importers, antique houses,
galleries, interior decorators and designers. They strive hard to gain
confidence of their esteemed clients by providing them total customer
satisfaction, thus making long term relationship; that's their motto.
Production &
Quality Control:
The wood is chemically treated in a
treatment plant & seasoned
in seasoning kilns.
Chemical Treatment:
As timber generally is easily susceptible to borer, fungi and insect attacks
within short period of its felling. To avoid this and make timber more durable
it has to be chemically treated. Chemicals are first mixed in a proportion as
prescribed by standards in motorized mixer before poring in to storage tank.
Planks are loaded in to trolley and trolley is pushed in to the vessel. Vacuum
is created to ensure all air is removed surrounding wood and cells of wood
opened to ensure better impregnation of chemical. Pressurization of chemical in
vessel ensures 100% impregnation. Final vacuum ensures excess chemical taken
out of surrounding woods thus helps in reducing seasoning period.
Wood Seasoning:
Most
species of freshly felled timber contain 100% or more moisture in it. For
retention of shape and size of manufactured article and make quality product,
timber should be seasoned and the moisture contents to be brought down to level
in equilibrium with the surrounding atmosphere (normally 6% to 8%). Seasoning
is done in Scientific way to ensure perfect seasoning under controlled. Fans
are of light weight having variable pitch, dynamically balanced and reversible
and that gives equal air flow in both sides of the wood stack ensures equal
drying of wood. The drying of wood takes place by the application of
temperature humidity cycle. Drying process is checked and monitored time to
time by the use of moisture meter handled by qualified operators
About Wood:
Teak wood "Sagwan"
Native to
Indian rosewood "Shisham"
or "Sheesham"
Indian rosewood (dalbergia sissoo and dalbergia latifolia), an Indian
hardwood also called sheesham in local dialect, Is best suited for New
Furniture. It is dense with a uniform medium coarse grain and produces a
beautiful finished product with a warm golden, slightly purple hue. To prevent
warping and cracking it is kiln dried, simulating the natural ageing process.
Finishing &
Polishing:
During polishing process the wood pores are sealed by either a Nitro-cellulose
sealer to prevent the wood from absorbing or releasing moisture. Their manufacturing
workshops are equipped with all modern machinery, equipments and facilities.
They emphasis on total quality control at every stage which begins from the
selection of quality wood and continues up to packaging etc quality is given
due consideration at every stage by experienced supervisors
Packing:
Last but not least stage of merchandise dispatch they consider it most
important. Each & every piece is carefully packed with corrugated
paper + bubble sheets 80gsm, corners cushioned with high density PU corners,
glass is screened with thermo Cole sheets, furniture edges are protected by
elongated thick strips of paper pulp, eventually each piece is wrapped with
plastic film & strapped with nylon strip, they also take up custom box
packaging as specified by the customer.
Container stuffing:
Container
is stuffed under the strict supervision, so that merchandise is kept in a
systematic manner, which results in zero damage during transit.
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.40.64 |
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1 |
Rs.80.44 |
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Euro |
1 |
Rs.54.65 |
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 |
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 |
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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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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