MIRA
INFORM REPORT
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Report Date : |
16.10.2007 |
IDENTIFICATION DETAILS
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Name : |
DOMOTEX INTERNATIONAL |
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Registered Office : |
B-72-73, Basement, Vishwakarma Colony, |
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Country: |
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Financials (as on): |
31.03.2006 |
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Date of Incorporation : |
1970 |
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IEC No. |
0598000101 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Handmade Rugs, Durries, Bathmats,
Placemats, Runners, Mats, Shag Rugs. |
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 5000 |
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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. Proprietor is reported as experienced and respectable businessman. His
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 : |
B-72-73,
Basement, Vishwakarma Colony, |
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Tel. No.: |
91-11-26369858,
26360002 |
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E-Mail : |
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Website : |
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Area : |
3000 Sq.ft |
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Location : |
Owned |
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Factory: |
The subject is
having well equipped production unit at Fatepur Sikri near |
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Area : |
20000 Sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR/PARTNERS/DIRECTORS
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Name : |
Mr. Dinesh Chand Agarwal |
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Designation : |
Proprietor |
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Address : |
B – 71, Vishwakarma colony, M.B. Road, Pul Pahladpur, New Delhi
110044, India |
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Mobile No. : |
91-9810315621 |
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Date of Birth/Age : |
35 Years |
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Experience : |
15 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Handmade Rugs, Durries, Bathmats,
Placemats, Runners, Mats, Shag Rugs. |
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Products : |
The subject is manufacturing and exporting the following Ø
Leather Furnishings -
Leather Rugs -
Leather Carpets -
Leather Shaggy Rugs -
Leather Bathmats -
Leather Runners -
Leather Cushion Covers Ø
Natural Fibre Rugs -
Cotton Rugs -
Jute Rugs -
Sea Grass Rugs -
Cotton Chindi Rugs -
Mixed Fibre Rugs -
Chenille Rugs Ø
Mats and Runners -
Doormats -
Placemats -
Bathmats -
Runners Ø
Other Rugs -
Printed and Embroidered Rugs -
Area Rugs -
Unicolor Rugs -
Cut Shuttle Rugs -
Kilim Rugs -
Stock and Assorted Rugs -
Hand Tufted Wool Carpets -
Wool/Jute Kilim Rug -
Seagrass Rug -
Chindi Cutshuttle Rugs -
Leather Handweave Cushion Covers -
Leather Shaggy Rugs -
Leather Design Rugs -
Hemp Unicolour Rugs -
Hemp (Jute Handspun) / Cotton Rugs -
Hemp kilim Stripe Rug -
Hemp/ChindiRug -
Chindi Stripe Rugs -
Chindi Shaggy Rugs -
Chindi Check Rugs -
Chindi Unicolour Rugs -
Leather Rug Ø Seagrass, Hemp,
Jute Durries / Rugs Ø Cotton / Hosiery
Chindi Rag Rugs (Durries) Ø Cotton and Rayon
Chenille Soft Rugs Ø Leather Durries
/ Rugs Ø Cotton
Cutshuttle and Stonewashed Punja Durries Ø Wollen Durries Ø Oval,
Bathmats-Loop Piles, and Cut Piles, Candle Works Ø Shaggy Rugs Ø Printed and
Embroidered Durries etc. Ø Denim Rugs |
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Exports : |
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Countries: |
Ø
Ø
Ø
Ø
Ø
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European Countries |
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Terms : |
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Selling : |
TT and L/C basis and D/P sight |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL INFORMATION
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No. of Employees : |
110 |
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Bankers : |
ABN Amro Bank
N.V., Hansalaya, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s Mahesh
Aggarwal and Company Chartered
Accountant |
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Memberships : |
Ø
Handloom
Export Promotion Council (HEPC), Government of Ø
Cotton
Textiles Export Promotion Council (Ctepc), Government of Ø
Jute
Manufacturers Development Council |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.400 millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.400 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
17.800 |
12.000 |
8.000 |
Expected Sales (2007-08) : Rs. 30.000 Millions
LOCAL AGENCY FURTHER INFORMATION
State of
AS PER WEBSITE DETAILS:
They have a separate department exclusively dedicated to quality of
products. All the manufactured products are sent to the department for checking
before they are released to the market. Similarly, the entire range of raw
materials also undergoes quality-inspections before they are deemed fit for
acceptance. Checking is also an integral part of the manufacturing process.
Where there is a stage wise separation and the graduation of a product from one
stage to another is subject to it's fulfillment of set quality criterions.
Profile
Incepted in 1970, Domotex International presents a diverse range of
superior quality products in rugs, Durries, Bathmats, Placemats, Runners &
Door mats etc. hold in high esteem. A prime manufacturer and exporter of these
the company has been enjoying a dominant position in the industry since its
inception. The commendable position is mainly due to the quality of its
products and their commendable and innovative designs.
They have a formidable factory, which houses the best production facilities.
Moreover being located in the city of love
Infrastructure
They have the kind of infrastructure that facilitates and fortifies
every activity and each facet of their business. They have a collection of age
old handlooms that is constantly kept under the vigilance of the skilled
weavers & artisans to appraise their performance. Alongside, they have
highly trained workers. The entire force has been separated into a hierarchical
pattern for better efficiency.
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. 39.31 |
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1 |
Rs. 80.19 |
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Euro |
1 |
Rs. 55.86 |
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 |
5 |
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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 |
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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47 |
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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