MIRA
INFORM REPORT
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Report Date : |
31.08.2007 |
IDENTIFICATION
DETAILS
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Name : |
DESERT ART EXPORT |
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Registered Office : |
G – 590, Between Lane No. 8 and 10, IInd Phase, Basni, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2001 |
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Legal Form : |
Sole Proprietory concern |
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Line of Business : |
Manufacturers and exporter of Iron
and Wooden Decorative Furniture. |
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 18000 |
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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. Proprietor is reported as experienced and respectable businessman.
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 : |
G – 590, Between Lane No. 8 and 10, IInd Phase, Basni, |
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Tel. No.: |
91-291-6532955 / 2740857 |
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Mobile No.: |
91-9828032878 |
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Fax No.: |
91-291-2740857 |
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E-Mail : |
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Area : |
3000 sq.mtrs ( Office) 3500 sq.fts ( Factory) |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Sunil Kumar Bhandari |
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Designation : |
Proprietor |
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Date of Birth/Age : |
46 Years |
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Qualification : |
Under Graduate |
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Experience : |
16 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and exporter of Iron
and Wooden Decorative Furniture |
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Products : |
Ø
Handicrafts Ø
Iron/Wooden
Furniture Ø
White Metal
Furniture Ø
Glass
Handicraft Items Ø
Cloth
Made-ups Ø
Gift Articles |
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Exports : |
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Products : |
Decorative Furniture |
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Countries : |
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Terms : |
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Selling : |
L/C, Credit, Cash |
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Purchasing : |
L/C, Credit (60 Days), Cash |
GENERAL
INFORMATION
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Customers : |
Local Customer, End Users |
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No. of Employees : |
20 (4 in Office and 16 in Factory) |
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Bankers : |
Union Bank of |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajinder Bhansali and Associates Chartered Accountants |
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Address : |
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Associates/Subsidiaries : |
Registhani Art Export, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.4.500 millions |
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Borrowed : |
-- |
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Total : |
Rs.4.500 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 |
35.000 |
29.700 |
28.400 |
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Profit/Loss for the year |
2.500 |
2.450 |
2.350 |
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
Rajasthan is not only known for
its stunning palaces monuments, wild life and heritage hotels, but also for its
excellent craftsmanship. Backed up by a strong team of creative artisans, they,
at Desert Art Export, introduce theirselves as a highly reputed manufacturer and exporter of unmatched handicrafts, iron/wooden furniture, white metal furniture, glass
handicraft items, gift articles, etc. Every product showcases the highest level of human excellence on
pieces of wood and iron. Their products are capable of stealing everyone's
heart by their designs and styles.
In the year
2002, the group has carved a special niche for itself in a very short span of
time by delivering a distinctive range of products at very affordable prices.
They are professionally managed by a group of highly experienced professionals
having years of experience behind them. Their company is recognised for its
transparent trade practices and a client oriented approach.
Quality Assurance
Superior quality is a
primary concern at Desert Art Export. The company follows harsh and rigid
quality control procedures at every stage of its operation thus facilitating a
smooth and error free production at every stage.
Every product is
manufactured under the strict supervision of experienced artisans by employing
the finest quality of raw material. They employ latest machines in their
process to give the perfect finishing touch to their products.
Exclusive Designs
They are well
supported by a strong team of creative designers who are perfect in the art of
designing aesthetically appealing items for their clients. Every product
manufactured by them is exquisite and unusual and showcases the rich
Indian culture and heritage. Their designers work round the clock to come up
with innovative designs taking into consideration the emerging market trends
and the tastes and preferences of the clients.
Timely delivery
Desert Art Export boosts of a
capacious storage facility and a wide distribution network of dealers to ensure
frequent and smooth supply of the goods to the market. They are capable of
feeding bulk demand in the shortest possible time frame.
Hallmarks
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Innovative
designs and style setting a trend in the market
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Intense efforts
of designers and craftsmen to bring out the best in every item
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Sound
management system facilitating successful execution of all orders
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Committed to
deliver the best, leaving no room for customer grievances
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Backed by a
qualified team of acumen and pro-active employees as well as advanced
machineries.
Trade Reference:
- Local
Customers
- Desert Design
- Nuha Ussuf
Bhakhari Trading East,
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.40.88 |
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1 |
Rs.82.58 |
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Euro |
1 |
Rs.55.79 |
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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