MIRA
INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
BINNY EXPORTS |
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Registered Office : |
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Country : |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Brasswares and Aluminium Wares |
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 small concern having established satisfactory track. Trade relations are fair. Payments are usually correct and as per
commitments. The concern can be considered normal for business dealing at usual
trade terms and conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Manu Pathak |
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Designation : |
General Manager |
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Contact No.: |
91-9897582853 |
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Date : |
20.12.2008 |
LOCATIONS
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Registered Office / Factory : |
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Tel. No.: |
91-591-2492007 / 6536859 |
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Mobile No.: |
91-9897582853 (Mr. Manu Pathak) |
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Fax No.: |
91-591-2495026 |
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E-Mail : |
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Website : |
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Area : |
5000 Sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Brijesh Pathak |
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Designation : |
Proprietor |
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Date of Birth/Age : |
49 Years |
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Qualification : |
Under Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Brasswares and Aluminium Wares |
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Products : |
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Exports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
L/C, T/T, Cash and Credit |
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Purchasing : |
L/C, T/T, Cash and Credit (60 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
40 (10 in Office and 30 in Factory) |
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Bankers : |
Vijaya Bank Limited, Main Branch, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
D P Sinha and Associates Chartered Accountants |
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Address : |
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Associates/Subsidiaries
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NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 Million |
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Borrowed : |
-- |
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Total : |
Rs. 1.000 Million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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10.000 |
Expected Sales (2008-09): Rs. 20.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCE:
- Positive
Impression Company Limited,
- WMC,
WEBSITE DETAILS:
Established in the year 2001, subject has acquired a very good
reputation as an exporter of Brass and Aluminium Statues, Animals, Garden
Decorative Items and other Indian Handicrafts. The factory unit has been
installed with all the latest technical equipments which pollution free are
thus providing an eco-friendly environment to its employees to work in.
The concern has a highly skilled work force, which not only enables it to
produce very high quality products but is also capable of handling large scale
production. It can achieve a production volume of 25 tonnes per month with
considerable ease, without sacrificing on the quality of goods. The customers
can also get special designs made here, with both the work force and the
machinery capable of producing new sample designs.
Customer satisfaction is also of major concern to the concern, they conduct
stringent quality test at various stages of production to ensure an excellent
quality. The production process is very cost effective, enabling the concern to
offer premium quality products at the most reasonable prices. It also has an
excellent record in terms of delivery of the consignment, with prompt delivery
being one of their primary objectives.
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. 47.39 |
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1 |
Rs. 70.65 |
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Euro |
1 |
Rs. 66.33 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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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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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