MIRA
INFORM REPORT
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Report Date : |
02.10.2007 |
IDENTIFICATION DETAILS
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Name : |
BHAGYODAY FASHIONS |
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Registered Office : |
Mall – 21, 203, First Floor, Opposite Rajmandir Cinema, Jaipur 302
702, Rajasthan |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2005 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Silk Sarees, Handicrafts, Garments and Fashionable
Garments. |
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. |
Small |
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Maximum Credit Limit : |
USD 14000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow |
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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 slow but correct. The concern can be considered for small business dealings at usual
trade terms and conditions. |
LOCATIONS
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Registered Office : |
Mall – 21, 203, First Floor, Opposite Rajmandir Cinema, Jaipur 302
702, |
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Tel. No.: |
91-141-2371343 |
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Mobile No.: |
91-9414269552 / 91-9314502702 |
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Fax No.: |
91-141-2371343 |
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E-Mail : |
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Area : |
3000 sq. fts. |
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Location : |
Owned |
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Factory 1 : |
Mall – 21, 203, First Floor, Opposite Rajmandir Cinema, Jaipur 302
702, |
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Area : |
1.5 Acres |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Sanjay Sogani |
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Designation : |
Proprietor |
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Date of Birth/Age : |
42 Years |
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Qualification : |
Graduate |
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Experience : |
18 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Silk Sarees, Handicrafts, Garments and
Fashionable Garments. |
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Products : |
Ø
Skirts Ø
Sarees Ø
Bags Ø
Tops Ø
Scarves Ø
Stoles |
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Exports : |
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Products : |
Garments and Handicrafts |
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Countries : |
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Terms : |
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Selling : |
L/C / Cash / Credit/Cash |
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Purchasing : |
L/C / Cash / Credit (60 days) / Sight |
PRODUCTION STATUS
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Particulars |
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Actual
Production |
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Garments |
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As Per Demand |
GENERAL INFORMATION
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Customers : |
Ø
Local Customers Ø
End Users |
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No. of Employees : |
27 (5 In Office, 22 In Factory) |
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Bankers : |
Ø
ICICI Bank, Jaipur Ø
HDFC, Jaipur Ø
Citi Bank, Jaipur |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Sandeep and Associates 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. 3.500 millions |
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Borrowed : |
-- |
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Total : |
Rs. 3.500 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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20.000 |
18.000 |
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Export Value |
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1.000 |
0.900 |
LOCAL AGENCY FURTHER INFORMATION
Trade References:
Ø
Backwood
Ø
Sosira –
As Per Web Details:
About Them
Established in 1985, Subject, is a renowned manufacturer and exporter dealing
in Ethnic garments, Fashion & Garment Accessories, Handicrafts, Scarves
& Stoles and various Silk garments. Since the last twenty years, they are
leading the garment industry with their quality production. They have a wide
variety of products available with them for every occasion. Unique designs and
fine finishing is their forte and customers relish their products due to the
vast choices available for them. With clients all over the world, they are
famous as a reputed name in the market.
Key Features
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Fine quality.
Ø
Product assurance.
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Unique designs.
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Innovative patterns.
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Beautiful & clear embroidery with sequences.
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Talented & Expert designers.
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Prompt delivery.
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Reasonable prices.
Strategy
They believe that clothing has very important role in a person's life. It is
not merely a matter of wearing but it reflects a person's entire personality,
beliefs, thoughts and attitude. One can become confident by wearing the right
kind of clothes as per his/her personality. Comfort level is also very
important. Based on these view points their range of garments have best
combination of trendy fashion and daily comfort.
Their ultimate aim is to provide their customers trendy clothing
combined with a high degree of comfort level alongwith attractive patterns at
worthy prices.
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 |
|
US Dollar |
1 |
Rs.39.73 |
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|
1 |
Rs.81.37 |
|
Euro |
1 |
Rs.56.63 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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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 |
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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30 |
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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