MIRA
INFORM REPORT
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Report Date : |
06.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
INDIAN ARTS AND CRAFTS SYNDICATE |
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Registered Office : |
A – 19, Sector – 60, Noida – 201 301, Uttar Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1952 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturers, Traders and Exporters of Home Furnishing Accessories. |
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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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 and reputed concern meeting its normal commitments
timeously. Trade relations are fair. Business is active. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Vikas Goel |
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Designation : |
Accounts Manager |
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Date : |
04.08.2008 |
LOCATIONS
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Registered Office/ Factory : |
A – 19, Sector – 60, Noida – 201 301, Uttar Pradesh, India. |
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Tel. No.: |
91-120-2580375/ 2580977 / 2582020 |
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Mobile No.: |
91-9990059294 |
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Fax No.: |
91-120-2580374 |
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E-Mail : |
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Website : |
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Location : |
Rented |
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Head Office : |
Gulab House, G-27, Kailash Colony, New Delhi- 110 048,
India |
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Tel. No.: |
91-11- 26460740 / 26433907 |
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Fax No.: |
91-11- 26219839 |
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E-Mail : |
PARTNERS
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Name : |
Mr. Chhatrapati Ranjit Rai |
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Designation : |
Partner |
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Name : |
Mrs. Vidhya Batti Agarwal |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers, Traders and Exporters of Home Furnishing Accessories. |
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Products : |
· Curtains · Cushions · Throws · Quilts and Duvet
Covers · Table Linen · Floor Coverings · Bath Range · Kitchen Linen · Accessories |
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Exports : |
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Countries : |
Germany, Hong-Kong, USA |
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Terms : |
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Selling : |
T/T |
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Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
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Customers : |
Wholesalers, Retailers and Export House |
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No. of Employees : |
280 (In office-80, In factory-200) |
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Bankers : |
Central Bank of India Caunought Branch |
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Facilities : |
PC – Rs.57.000 Millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
H S Ahuja and Company Chartered Accountants |
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Memberships : |
» Federation of
Indian Export Organizations » Apparel Export
Promotion Council » Cotton Textiles
Export Promotion Council » Export Promotion
Council for Handicrafts » Synthetic and
Rayon Textiles Export Promotion Council » The Handicrafts Exporters Association |
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Associates/Subsidiaries : |
C and R Textile Private Limited, Noida |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
NA |
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Borrowed : |
NA |
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Total : |
NA |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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250.000 |
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Group Turnover – Rs.500.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:
Profile
Subject is a well-established organization that
has risen to the paradigm of success, with its sheer dedication and
customer-centric approach. The concern is a pioneer in the field of
manufacturing and exporting home textiles, soft furnishings, handicrafts and
gift items.
They relish more than 51 years of precious
experience and have set up new standards for quality and excellence. The
concern has carved its own niche in the quality-conscious international market.
They also possess the distinction of being one of the early exporters of
ready-made garments from India.
Their collection of products is vast and is
highly diversified. It includes curtains, knitted / wools, bed linens, table
linens, kitchen linens, cushions, floor adornments etc. The concern strongly
opposes child labour and any such inhuman acts.
The Inspiration
The Founder Late Lala Gulab Rai, one of the mentors' of Indian exports, has
been the prime source of their inspiration. He was an innovative and
authoritative entrepreneur, who initiated the movement, called subject.
Starting with wooden and brass artware, the patron diversified in human hair export
and became its biggest exporter (South Korea, Taiwan and Japan etc.). His hard
work and dedication is what motivates subject to carry its name and goodwill,
soaring high.
Credentials
At subject achievements are part and parcel of their job. The concern proudly
boasts of several awards given by the Government of India for high export
performances, for the year 1997-98 and 1998-99. Some of the most reputed stores
across the globe, such as Karstadt of Germany, Manor AG of Switzerland and J
C Penny of USA have been their clients. They are active promoters of Indian
exports and have been participating in international trade fairs since 30
years.
Workforce
Under the dynamic leadership of Mr.Chhatrapati Ranjit Rai, subject has risen to
the paradigm of success and supremacy. The concern has well educated employees
with no child labour, in its unit or premises. Specialization,
superiority and satisfying attitude is what impels them to recruit their own
designers, textile engineers, quality controllers, export documentation experts
etc. from top class institutions of the country.
Quality
The concern boasts of a modernized and sophisticated quality control and audit
system. Strict vigil is kept on every product at every stage of its production.
Irregularities are checked there and then and a comprehensive multidimensional
final test is done on the finished product. A fine packaging unit ensures a
perfect product. Customized packaging is also entertained on customer's
requests.
Memberships
Apart from being a dominating member of The Handicrafts Exporters Association,
subject is also member of the following associations:
» Federation of Indian Export Organizations
» Apparel Export
Promotion Council
» Cotton Textiles
Export Promotion Council
» Export Promotion
Council for Handicrafts
» Synthetic and
Rayon Textiles Export Promotion Council
» The Handicrafts
Exporters Association
Infrastructure
Subject is a multifaceted export house with
a sound infrastructure and highly skilled workforce. The concern comprises of
three state-of-the-art factories in Noida, a modern and industrialized Delhi
suburb. Their latest unit is 60,000 sq. ft, with most advanced machinery and
equipment. All these are administered by experts and dedicated professionals.
The manufacturing process is mostly carried in-house or by contract factories
that are dedicated to the concern. A separate finishing unit consists of
dry-cleaning machines, washing machines, steam press and several other
equipment.
Clientele
The concern exported ready-made garments to C and A Brickmayer in Europe and
Wrangler in USA in its early stages of inception. Apart from this, home
textiles have also been exported to some of the famous stores across the globe,
like Karstadt of Germany, Manor AG of Switzerland and J C Penny of USA.
With a more diversified and distinct range of products, export circuit of
Indian Arts and Crafts Syndicate has spread to Germany, France, Belgium,
Portugal, Switzerland, Norway, Holland, UK, USA, Japan, South Korea, Australia
etc.
Vision
They at subject believe that Sky is the Limit for them in the field of
Home and Household Textiles.
The concern is committed to work continuously towards achieving greater heights
by exceeding customers requirements and expectations in terms of quality of
work and products through continuous innovations.
CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
1] INFORMATION ON
DESIGNATED PARTY
No 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.42.28 |
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UK Pound |
1 |
Rs.82.79 |
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Euro |
1 |
Rs.65.69 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
7 |
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--PROFITABILIRY |
1~10 |
5 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
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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53 |
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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