MIRA
INFORM REPORT
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Report Date : |
14.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
N RANGA RAO AND SONS |
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Registered Office : |
“ N R House”, No: 1553, M G Road, (Also Known As Vani Vilasa Road), Mysore – 570004, Karnataka |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1948 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacture, Import and Export Manufacture and Sale of different kinds of Agarbathis, Dhoop Sticks, etc. |
RATING and
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 60000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well – established and reputed concern having satisfactory track records. Partners are 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 : |
“ N R House”, No: 1553, M G Road, (Also Known As Vani Vilasa Road), Mysore – 570004, Karnataka, India |
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Tel. No.: |
91-821-2521227 |
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Fax No.: |
91-821-2520350 |
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E-Mail : |
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Website : |
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Area : |
25000 sq. ft. |
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Location : |
Owned |
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Corporate Office : |
No. 18, Industrial Suburb, 3rd stage, Mysore 570 008,
Karnataka |
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Area : |
30000 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. R Guru |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Qualification : |
Graduate |
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Name : |
Mr. R N Murthy |
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Designation : |
Partner |
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Date of Birth/Age : |
60 years |
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Qualification : |
Graduate (M.B.A.) |
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Name : |
Mr. R Sridhar |
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Designation : |
Partner |
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Date of Birth/Age : |
58 years |
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Qualification : |
Practising Doctor with M.D. |
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Name : |
Mr. Pavan Ranga |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
Engineering with M.B.A. |
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Name : |
Mr. Arjun Ranga |
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Designation : |
Partner |
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Date of Birth/Age : |
30 years |
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Qualification : |
Engineering with M.B.A. |
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Name : |
Mr. Kiran Ranga |
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Designation : |
Partner |
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Date of Birth/Age : |
29 years |
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Qualification : |
Graduate with perfumery Science with M.B.A. |
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Name : |
Mr. Anirudh Ranga |
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Designation : |
Partner |
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Date of Birth/Age : |
26 years |
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Qualification : |
Engineering with M.B.A. |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Importer and Exporter Manufacture and Sale of different kinds of Agarbathis, Dhoop Sticks, etc. |
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Brand Names : |
Cycle Brand |
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Exports: |
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Products: |
All Products |
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Country: |
Europe, Far East + Middle East, Latin America, USA |
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Imports: |
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Products: |
Raw Material |
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Country: |
Europe, Far East, Vietnam |
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Terms : |
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Selling : |
L/C, DP and D/A, Credit (30-60 days) |
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Purchasing : |
L/C, DP and D/A, Credit (30-60 days) |
GENERAL
INFORMATION
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Suppliers : |
· Givaudan, Bangalore · Mercantile Aromatics, Chennai |
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Customers : |
v Shaikh Abdul Khaliq and Sons, UAE v Wholesalers v Retailers |
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No. of Employees : |
150 - 200 |
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Bankers : |
v State Bank of Mysore, Mysore Main Branch, Ashoka Road, Mysore – 570001 v IDBI Bank, Bangalore |
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Facilities : |
Enjoys Some limits, Estimated about Cash Credit - Rs. 10.000 Millions |
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Banking Relations
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Satisfactory |
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Auditors : |
Ravi Kumar and Company Chartered Accountant |
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Associates/Subsidiaries : |
v Rangsons Perfumes Private Limited, Mysore Line of Business : Manufacturer of Perfumes v Rangsons Electronics Private Limited, Bangalore Line of business: Manufacturer of Electrical Goods v Rangsons Marketing Services Private Limited, Mysore Line of Business: Marketing for Electrical Goods v Rangons Electronic Solutions Private Limited, Bangalore Line of Business: Manufacturer of Electrical Goods |
CAPITAL
STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 15.000 Millions |
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Borrowed : |
- |
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Total : |
Rs. 15.000 Millions |
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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700.000 |
600.000 |
Expected Sales (2007-08) : Rs. 800.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
v
Shaikh Abdul Khaliq and Sons, UAE
Website Details Attached:
For over 5 five decades, Subject has awakened people's senses with their wide range of incense and related products. Their ability to create distinct and unique fragrances has made Subject the leading incense manufacturer and exporter in India.
Subject nurtured art of creating new fragrances, by safeguarding its quality and original purity, is a legacy that has been handed down from generation to generation. Years of rigorous research, perseverance and commitment to rigid quality standards, innovative packaging and product innovation have left Subject to savour a sweet smell of success.
Subject has:
v Manufacturing facilities spread over 500,000 sft which produce more than 4 billion sticks.
v a work force of over 750 skilled Men and Women
v Its own perfumery House with sophisticated equipment
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A design team of 10 professionals with state of art
software who create Custom branded products.
Subject products conform to IFRA requirements
Accolades and awards have been sure to follow. The winning streak with Government of India Export award in incense category is a testimony to their proven record as leaders in this industry.
Subject export to
over 40 countries:
Including Africa, Australia, Europe, Far East, Middle East, South America and USA. Subject also specialize in the exports of globally demanded handicrafts and hand rolled incense sticks.
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. 39.39 |
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UK Pound |
1 |
Rs. 81.31 |
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Euro |
1 |
Rs. 57.44 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
9 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
5 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
4 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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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53 |
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. |
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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