MIRA
INFORM REPORT
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Report Date : |
01.09.2007 |
IDENTIFICATION DETAILS
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Name : |
CHODHARY STONE ARTS |
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Registered Office : |
Fidusagar, Soorsagar, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1998 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer of Bldg. stones decorative and artistic and designed. |
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 20000 |
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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 a well-established and reputed concern having satisfactory track.
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 / Factory: |
Fidusagar, Soorsagar, Jodhpur 342 005, Rajasthan, India |
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Tel. No.: |
91-291-2770019 / 3950214 / 2780054 / 2741540 / 272005 |
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Mobile No.: |
91-9414136570 |
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Fax No.: |
91-291-2740857 |
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E-Mail : |
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Area : |
800 sq. fts. |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Amjad Khan |
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Designation : |
Partner |
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Date of Birth/Age : |
28 Years |
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Qualification : |
Graduate, B. Com. |
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Experience : |
5 Years |
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Name : |
Mr. Bhawar Lal Choudhry |
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Designation : |
Partner |
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Date of Birth/Age : |
50 Years |
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Qualification : |
Graduate |
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Experience : |
26 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Bldg. stones decorative and artistic and designed. |
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Products : |
Ø Sandstones & Stones: Blocks and Slabs Ø Stone Handicrafts: Table, Gate and Other Stone Handicrafts, Stone Articles & Decorative Items Ø Granites Ø
Marbles: Forest Brown Marble, Ø Slates: Jharokha, Rainbow Sand, etc. Ø Bricks & Tiles: Elephant, Jodhpur Stone, Limestone, etc |
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Exports : |
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Countries : |
Indirectly to Gulf Countries |
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Terms : |
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Selling : |
L/C / Cash / Credit (60 days) / Sight |
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Purchasing : |
L/C / Cash / Credit/Cash |
PRODUCTION STATUS
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Particulars |
Unit |
Licensed
Capacity |
Installed
Capacity |
Actual
Production |
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Marble Stones |
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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 : |
9 (5 In office, 4 in Factory) |
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Bankers : |
Ø
State Bank of Ø
HDFC, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
K R Rathi and Company Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Ø
Trade Ø
BAPS – Swaminarayan Sansthan Akashadham Mandir, Ø
Sachivalya, Jaipur |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 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 |
89.800 |
85.000 |
82.500 |
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Profit/Loss for the year |
3.320 |
2.227 |
2.150 |
LOCAL AGENCY FURTHER INFORMATION
About Them
Established in the year 2000, subject is
committed to providing premium quality in the stone and handicrafts market.
Their company has developed an unmatched expertise in this field and is
currently regarded as the most reliable source both at the domestic and
international arena. At present, their company exports almost 80% of its
products all over the world and is globally recognized for its ability to offer
an extensive range of products, with tremendous choice of color, shape and
size, design and style. As a prominent
manufacturer and exporter dedicated to offer you the best, they offer a
mind boggling range of Sandstones &
Stones, Handicrafts, Marbles, Slates, Bricks & Tiles, Granites, etc.
They avail all these products at highly affordable price, and the number of
designs you can choose from is almost limitless.
At subject, their
prime focus has always been to provide customer satisfaction and they strive to
achieve it through stringent quality maintenance, innovative and cost effective
products, and highly reliable services. As a result, success has always been in
their court and their market base is ever expanding.
Their
With an inherent passion for success and crave to be a leading brand in the
industry, they have come a long way exhibiting a peerless performance in their
field. subject is a highly reputed manufacturer and exporter of the following
range of products-
Ø
Sandstones
& Stones: Blocks and
Slabs
Ø
Handicrafts:
Table, Gate and Other Stone
Handicrafts, Stone Articles & Decorative Items
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Granites
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Marbles:
Forest Brown Marble,
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Slates:
Jharokha, Rainbow Sand, etc.
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Bricks
& Tiles: Elephant,
Their Quality
Their quality driven attitude is the result of the belief that only by adhering
to superlative quality standard, one can confidently earn the trust of the
whole world. They regard success and customer satisfaction to be inextricably
linked with a pursuit for maintaining stringent quality policy at subject. At
their unit, they make sure to procure supreme grade granite, natural sandstone,
marble and other natural stones directly from queries and cut to size using
cutting edge technology. The production process is administered by the finest
of craftsmen and a team of experts performs extensive quality control
operations at every stage. Due to this extent of precision and care, they can
always deliver you the best products in the industry.
Their
Infrastructure
Needless to say, a well established infrastructure is an ultimate necessity for
stability, growth and success of any organization. At subject, they have a
robust infrastructural base that comprises of their world class manufacturing
units with in-house facilities for processing, cutting, warehousing, quality
control, R&D, etc. All these units of the company are highly equipped and
loaded with the latest machinery required in their field. As all these
facilities are under one roof at their factory premise, they can easily
minimize the production cost and avail the finished products to their valued
clients at highly competitive price. Their highly skilled workforce makes the
best use of their state-of-the-art facilities enabling them to be always at the
forefront in the industry.
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.40.96 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.55.96 |
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 |
6 |
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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 |
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 |
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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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
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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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