MIRA
INFORM REPORT
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Report Date : |
07.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DARSHAN
INTERNATIONAL |
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Registered Office : |
# 115
/ 7, 2nd Main, Chamrajpet, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
BLRD02089D |
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Legal Form : |
A
partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufactures,
Traders and Exporters of Agarbathies,
Incense Sticks and Perfumes, etc. |
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 : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well
established concern having satisfactory track records. Trade relations are fair. Financial
positions is good. Payments are correct and as per commitments. The concern can
be considered good for any normal business dealings at usual trade terms and
conditions. |
LOCATIONS
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Registered Office / Factory : |
# 115
/ 7, 2nd Main, Chamrajpet, |
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Tel. No.: |
91-80-26754461 / 26753151 /
26606771 / 26622150 |
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Mobile No.: |
91-9845147000 |
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Fax No.: |
91-80-26755543 /26500003 |
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E-Mail : |
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Website : |
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Area : |
3000 sq. ft.
[Owned] |
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Branches : |
Kerala # 38/2988 A, FR. Manual road,
Kathrikadavu, Phone : 91-484-2344961 M/s Shiv Shakthi Enterprises C/o Darshan Sales
International Gate # 3, Shalimar Cold
Storage Campus, New Bypass road, Anishabad, Phone : 91-612-2256571 Siliguri M/s Dynamic Marketing, Nehru
road, Siliguri - 734405 Phone : 2422526 # 18, Mitra lane, Behind Mahajati Sadan, Phone : 91-33-22197795 Guwahati Room # 423 / 424, 3rd floor,
Barooah Market, T. R. Phookan road, Phone : 91-361-2592761 |
PARTNERS
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Name : |
Mr.
T. S. Ashok |
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Designation : |
Partner |
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91-9845147000 |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Graduate |
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Experience : |
16 Years |
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Name : |
Mr.
T. S. Harsha |
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Designation : |
Partner |
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Tel No. : |
91-22-26563537 |
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Date of Birth/Age : |
35 Year |
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Qualification : |
Graduate |
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Experience : |
14 Years |
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Name : |
Mr. T. Srinivas |
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Designation : |
Partner |
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Date of Birth/Age : |
65 Years |
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Name : |
Ms. Gauri Srinivas |
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Designation : |
Partner |
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Date of Birth/Age : |
Around 55 Years |
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Name : |
Ms. Rashmi R. |
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Designation : |
Partner |
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Date of Birth/Age : |
Around 25 Years |
BUSINESS DETAILS
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Line of Business : |
Manufactures,
Traders and Exporters of Agarbathies,
Incense Sticks and Perfumes, etc. |
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Products : |
Incense Sticks, Dhoop Sticks, Flora Sticks and cones |
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Brand Names : |
‘Darshan Incense' |
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Exports : |
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Countries : |
The concern exports
to nearly 25 countries. Its important market is in South American Countries,
North American Countries, |
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Terms : |
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Selling : |
L/C,
Credit (60 days) and Sight |
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Purchasing : |
Cash and Credit (60 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers
and Retailers |
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No. of Employees : |
110 |
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Bankers : |
Standard
Chartered Bank |
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Facilities : |
Packing Credit Rs.
10.000 Millions |
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Banking
Relations : |
Good |
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Memberships : |
All |
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Associates/Subsidiaries : |
Ashoka
Trading Company, Established
in : 1945 Manufacturer,
Traders and Exporters of Adarbathies,
Incense Sticks and Perfumes, etc. |
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 |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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100.000 |
97.500 |
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Expected Sales (2007-08) : Rs.110.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade
Reference
Mr. G. D. Kelkar
S. H. Kelkar and
Company Limited, Mumbai
Mr. Satish Gandhi
Allied Chemicals
India Private Limited
Mumbai
AS PER WEBSITE
Profile
Darshan Incense', the brand owned by Darshan Exports, a 100% EOU ( export oriented unit ) has been in the tradition of incense making for the past five decades. Being one of the leading 'Indian handrolled and perfumed incense' manufacturer, the concern has been constantly thriving to bring the true essence by incorporating innovative techniques and tantalizing fragrances.
Incense sticks (or agarbathis as known in
With over 50 years of experience from the parent concern M/s Asoka Trading Company (makers of world renowned brand Bharath Darshan), Darshan Exports has evolved as a pioneer in the art of incense making and always sworn by quality. Keeping in mind the various moods and seasons, the brand 'Darshan Incense' has a wide range of products, which promises to cater to a vivid market.
Subject is a
manufacturer, exporter and supplier of high quality incense sticks and allied
products. The incense sticks manufactured and exported by the concern are
available in a wide variety of fragrances, from floral to fruit based scents,
and from masala scents to their very own special blends. The incense sticks
being manufactured by the concern are sure to fill the environment with lovely
fragrances and scents.
The incense sticks
of the concern are all hand made of pure natural ingredients by traditional
methods to give the customers one of the best fragrant experiences from
Variety has always
been the trademark of subject. This has been achieved through innovation and
huge investments in Research & Development. The concern's products can be
used to scent the air in living rooms, bedrooms, kitchens. As manufacturers
& suppliers, the concern's efforts and dedication are reflected in the
exquisite quality of their incense and scented sticks.
It is the unifying
force of this group which is making waves as manufacturers & suppliers in
the incense sticks & perfumery industry.
All the incense
sticks manufactured by the concern are in 9 inches length, but the concern can
make sticks for its clients from 6 inches to 16 inches. These sticks are
available in 50 fragrances with different flavours which are made of natural
oils, aromas.
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] 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.39.49 |
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1 |
Rs.80.41 |
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Euro |
1 |
Rs.55.76 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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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. |
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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