MIRA
INFORM REPORT
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Report Date : |
29.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
KUMAR ENTERPRISES |
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Registered Office : |
Chauri Road, Pure
Shyam, Bhadohi- 221401, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1988 |
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IEC No.: |
1594001472 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
ALDK00443C |
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PAN No.: [Permanent
Account No.] |
AASPN0585H |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturers and
Exporters of Hand Knotted Carpets |
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 6000 |
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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 an
established manufacturer and exporter of hand knotted carpets. Trade
relations are fair. 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: |
Chauri Road, Pure
Shyam, Bhadohi- 221401, Uttar Pradesh, India |
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Tel. No.: |
91-5414-224977 |
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Mobile No : |
91-9415286325 |
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Fax No.: |
91-5414-224288 |
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E-Mail : |
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Website : |
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Area : |
4000 sq. ft. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Kedarnath
Maurya |
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Designation : |
Partner |
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Address: |
Chauri Road, Pure
Shyam, Bhadohi- 221401, Uttar Pradesh, India |
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Date of Birth/Age : |
76 Years |
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Qualification : |
Graduate |
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Experience : |
27 Years |
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Name : |
Mr. Kailashnath
Maurya |
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Designation : |
Partner |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Graduate |
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Experience : |
23 Years |
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Name : |
Mr. Rajinder Parshad
Maurya |
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Designation : |
Partner |
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Date of Birth/Age : |
51 Years |
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Qualification : |
Graduate |
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Experience : |
21 Years |
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Name : |
Mr. Sudhir Kumar |
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Designation : |
Export manager |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and
Exporters of Hand Knotted Carpets |
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Products : |
Indian
Handknotted Woollen Silk, Pile Carpets, Rugs, Druggists and Indo Nepali
Carpets, Carpet Rugs, Carpets and All types durries |
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Exports: |
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Products : |
Hand Knotted
Carpets |
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Countries: |
Germany,
Australia, USA, Canada, Brazil, South Africa, Mexico and European Countries. |
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Terms : |
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Selling : |
L/C, Cash and
Credit 30 days |
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Purchasing : |
Cash and Credit
30 days |
GENERAL
INFORMATION
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Customers : |
Wholesalers and
Retailers |
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No. of Employees : |
158 |
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Bankers : |
Allahabad Bank,
Station Road, Bhadoi |
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Facilities : |
C/C - Rs. 3.000
millions |
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Banking Relations : |
Satisfactory |
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Auditors : |
Samar Yadav and
Company Chartered
Accountants |
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Address: |
32/33, Ring
Market, 1st Floor, Opposite Bida Bhavan, Rajpura, Bhadohi –
221401, Uttar Pradesh |
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Tel. No.: |
91-514-224043 |
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Fax. No.: |
91-514-228842 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500 millions |
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Borrowed : |
---- |
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Total : |
Rs. 1.500 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2005 |
31.03.2004 |
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SHAREHOLDERS FUNDS |
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1] Share Capital |
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4.844 |
4.017 |
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2] Share Application Money |
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0.000 |
0.000 |
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3] Reserves & Surplus |
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0.000 |
0.000 |
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4] (Accumulated Losses) |
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0.000 |
0.000 |
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NETWORTH |
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4.844 |
4.017 |
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LOAN FUNDS |
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1] Secured Loans |
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1.000 |
0.000 |
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2] Unsecured Loans |
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1.000 |
0.300 |
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TOTAL BORROWING |
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2.000 |
0.300 |
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DEFERRED TAX LIABILITIES |
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0.000 |
0.000 |
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TOTAL |
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6.844 |
4.317 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.238 |
0.200 |
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Capital work-in-progress |
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0.000 |
0.000 |
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INVESTMENT |
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0.000 |
0.000 |
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DEFERREX TAX ASSETS |
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0.000 |
0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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5.818 |
2.487 |
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Sundry Debtors |
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6.454 |
6.174 |
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Cash & Bank Balances |
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0.350 |
0.911 |
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Other Current Assets |
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0.009 |
0.004 |
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Loans & Advances |
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1.753 |
1.698 |
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Total Current Assets |
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14.384 |
11.274 |
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Less : CURRENT LIABILITIES & PROVISIONS |
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Current Liabilities & Provisions |
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7.778 |
7.157 |
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0.000 |
0.000 |
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Total Current Liabilities |
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7.778 |
7.157 |
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Net Current Assets |
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6.606 |
4.117 |
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MISCELLANEOUS EXPENSES |
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0.000 |
0.000 |
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TOTAL |
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6.844 |
4.317 |
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Particulars |
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31.03.2007 |
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Sales Turnover |
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16.000 |
Expected Sales (2007-08) : Rs.20.000 millions
PROFIT & LOSS
ACCOUNT
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PARTICULARS |
|
31.03.2005 |
31.03.2004 |
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Sales Turnover [including other income] |
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9.176 |
8.914 |
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Profit/(Loss)
Before Tax |
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0.439 |
0.528 |
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Provision for
Taxation |
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0.000 |
0.000 |
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Profit/(Loss)
After Tax |
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0.439 |
0.528 |
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Total Expenditure |
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14.513 |
10.152 |
KEY RATIOS
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PARTICULARS |
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31.03.2005 |
31.03.2004 |
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PAT / Total Income |
(%) |
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4.78 |
5.92 |
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Net Profit Margin (PBT/Sales) |
(%) |
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4.78 |
5.92 |
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Return on Total
Assets (PBT/Total Assets} |
(%) |
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3.00 |
4.60 |
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Return on
Investment (ROI) (PBT/Networth) |
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0.09 |
0.13 |
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Debt Equity Ratio (Total
Liability/Networth) |
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2.01 |
1.85 |
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Current Ratio (Current
Asset/Current Liability) |
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1.84 |
1.57 |
LOCAL AGENCY
FURTHER INFORMATION
Trade
Reference
v
Feizy Import
and Export, USA and Germany
v
Hali Retail
Stores Private Limited, Melbourne, Australia
v
Kamy Tapetes
WEBSITE DETAILS:
Subject manufacturer and exporter of different types of hand made floor coverings in India. They are an export house for traditional and contemporary Indian Carpets. They are known for their exquisite designs and quality. Each carpet designed in their own studio, made with the best raw materials and the best craftsmanship in India.
Their markets are USA, Canada,Brazil, Australia, and Europe and are in process to cover entire world.
They have inhouse designing and production from traditional aubussan, persian and then era of modern, contemporary, colour and texture, prominent designs, they adhere to all the changes every time it is needed. Their facilities, occupying around 25,000 square feet area, includes a Design studio, Shade testing Lab, Library, Quality control unit,production unit,weaving center.
They have a dedicated team of professionals willing to create new textures,
qualities, colors, designs, collections, especially for you.
The organization is headed by Mr. Kailash Nath Maurya, who has an extensive experience in the industry, on the production as well as marketing front.
The concern manufactures its carpets with utmost care and total excellence in
skill and workmanship. Quality consistency, use of good materials in their product
are always a matter of great concern. It leaves no space for any compromise in
maintaining its quality. Thus, the secret of the concern success lies in their
Quality, Timely Deliveries, Ample Ready Stocks and their Traditional and Modern
Designs in eye catching Colours.
The concern has been indentified by the reputed importers of Floor Coverings
and Home Furnishings, be it a wholesaler or a retailer. The very fact that
leading importers chose The concern for its quality products, efficiency and
dependability shows its rapid progress.
The concern was established in 1988 by Sh. Kailash Nath Maurya along with his brother Sh. Rajendra Prasad Maurya. Carpet manufacturing and export business is Maurya Family's business and its fourth generation is in the same business. This business has been a family tradition for the Maurya family since 1942.
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 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.77 |
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UK Pound |
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.58.94 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
|
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
|
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 |
|
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 |
|
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 |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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