MIRA
INFORM REPORT
|
Report Date : |
15.01.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE MANASLU BAG COMPANY |
|
|
|
|
Registered Office : |
A - 05, New Garia Development Co-operative Housing Society
Limited, 3rd Floor, Kolkata – 700 094, West Bengal |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.12.2007 |
|
|
|
|
Date of Incorporation : |
2006 |
|
|
|
|
SSI Registration No. : |
211529971 dated 24.02.2006 |
|
|
|
|
IEC No.: |
0206004842 dated 02.06.2006 |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AJKPD6734D |
|
|
|
|
Legal Form : |
Sole Proprietory Concern |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Eco Friendly Bags of Jute, Jute-Cotton, Jute-Canvass,
Cotton, Canvas, Silk Fabrics and Natural Vegetable Fibres. |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 8500 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a small concern in its field. It has started recently.
Trade relations are fair. Payments are usually correct and as per
commitments. Proprietor is experienced and qualified. Nothing adverse
reported. The concern can be considered normal for small business dealings at
usual trade terms and conditions. |
LOCATIONS
|
Registered Office : |
A - 05, New Garia Development Co-operative Housing Society
Limited, 3rd Floor, Kolkata – 700 094, West Bengal, India |
|
Tel. No.: |
91-33-65181423 |
|
Mobile No.: |
91-9836428437 |
|
Fax No.: |
91-33-24325978 |
|
E-Mail : |
managingdirector@manaslubagco.com |
|
Website : |
|
|
Area : |
1100 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 1 : |
Village – panchpota, P. S. Sonarpur, District 24 Parganas (S), West
Bengal, India |
|
Area : |
8640 sq. ft. |
|
Location : |
Owned |
|
|
|
|
Factory 2 : |
8/ 1, R. L. Ghosh Road, Budge Budge, Charial Bazar, 24 Parganas (S), Kolkata – 700 137, West Bengal, India |
|
Area : |
3000 sq. ft. |
|
Location : |
Rented |
SOLE PROPRIETOR
|
Name : |
Ms. Sutapa Datta |
|
Designation : |
Sole Proprietor |
|
Address : |
A - 05, New Garia Development Co-operative Housing Society
Limited, 2nd Floor, Kolkata – 700 094, West Bengal, India |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B. Sc., B. A. |
|
Experience : |
2 Years |
KEY EXECUTIVES
|
Name : |
Mr. Sushanta Datta |
|
Designation : |
Chief Executive Officer |
|
Address : |
A - 05, New Garia Development Co-operative Housing Society
Limited, 2nd Floor, Kolkata – 700 094, West Bengal, India |
|
Date of Birth/Age : |
58 Years |
|
Qualification : |
B. E. (Mechanical), CFA, CAIIB |
|
Experience : |
34 Years in Industry and Bank |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of Eco Friendly Bags of Jute, Jute-Cotton, Jute-Canvass,
Cotton, Canvas, Silk Fabrics and Natural Vegetable Fibres. |
|
|
|
|
Products : |
* Shopping bags * Handles * Swatches |
|
|
|
|
Exports : |
|
|
Products : |
All Products |
|
Countries : |
Europe, USA, Australia, South Africa |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Advance |
GENERAL
INFORMATION
|
Customers : |
* Wholesalers |
|
|
|
|
No. of Employees : |
Around 36 (Office – 6 and On Contract – 30) |
|
|
|
|
Bankers : |
* United Bank of
India
84A, Santoshpur Branch, Santoshpur Avenue, P. H. E. C.,
Kolkata – 700 075, West Bengal, India |
|
|
|
|
Banking
Relations : |
-- |
|
|
|
|
Auditors : |
Not Available |
|
|
|
|
Memberships : |
* Jute
Manufactures Development Council (JMDC) and Indo-German Chamber of Commerce |
CAPITAL STRUCTURE
|
Capital Investment : |
|
|
Owned : |
Rs. 2.133 millions |
|
Borrowed : |
Nil |
|
Total : |
Rs. 2.133 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
31.04.2007 To 31.12.2007 |
31.10.2006 To 31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
1] Proprietor’s Capital |
2.133 |
2.133 |
|
|
2] Reserves & Surplus |
0.018 |
0.000 |
|
|
NETWORTH |
2.151 |
2.133 |
|
|
LOAN FUNDS |
|
|
|
|
TOTAL BORROWING |
0.000 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
2.151 |
2.133 |
|
|
|
|
|
|
|
APPLICATION OF FUNDS |
|
|
|
|
|
|
|
|
|
FIXED ASSETS [Net Block] |
1.257 |
1.252 |
|
|
Capital work-in-progress |
0.000 |
0.000 |
|
|
|
|
|
|
|
INVESTMENT |
0.800 |
0.800 |
|
|
|
|
|
|
|
CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
|
Inventories |
0.023 |
0.016 |
|
|
Cash & Bank Balances |
0.005 |
0.009 |
|
Total
Current Assets |
0.028 |
0.025 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
Current Liabilities and Provisions |
0.000 |
0.000 |
|
Total
Current Liabilities |
0.000
|
0.000 |
|
|
Net Current Assets |
0.028 |
0.025 |
|
|
|
|
|
|
|
MISCELLANEOUS EXPENSES |
0.056 |
0.056 |
|
|
Subsidy Receivable |
0.010 |
0.000 |
|
|
|
|
|
|
|
TOTAL |
2.151 |
2.133 |
|
PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
31.04.2007 To 31.12.2007 |
31.10.2006 To 31.03.2007 |
|
Sales Turnover |
|
0.276 |
0.000 |
|
Other Income |
|
0.000 |
0.000 |
|
Total Income |
|
0.276 |
0.000 |
|
|
|
|
|
|
Profit/(Loss) Before Tax |
|
0.018 |
0.000 |
|
Provision for Taxation |
|
0.000 |
0.000 |
|
Profit/(Loss) After Tax |
|
0.018 |
0.000 |
|
|
|
|
|
|
Total Expenditure |
|
0.243 |
NA |
KEY RATIOS
|
PARTICULARS |
|
|
|
31.04.2007 To 31.12.2007 |
|
PAT / Total Income |
(%) |
|
|
6.52 |
|
|
|
|
|
|
|
Net Profit Margin (PBT/Sales) |
(%) |
|
|
6.52 |
|
|
|
|
|
|
|
Return on Total Assets (PBT/Total Assets} |
(%) |
|
|
0.86 |
|
|
|
|
|
|
|
Return on Investment (ROI) (PBT/Networth) |
|
|
|
0.01 |
|
|
|
|
|
|
|
Debt Equity Ratio (Total Liability/Networth) |
|
|
|
1.00 |
|
|
|
|
|
|
|
Current Ratio (Current Asset/Current Liability) |
|
|
|
-- |
LOCAL AGENCY
FURTHER INFORMATION
As Per Website:
Profile
Subject manufacture bags out of eco friendly natural materials e.g.,
Jute, Cotton, Canvas, Silk, Jute-cotton, Jute-canvas fabrics, Natural fibres
and papers since 2005.
Subject cater to importers who generally meet demand of niche and
individualistic customers, requiring items of assorted and exclusive designs
each in small volume. Their customers are from European Union, USA, Australia,
South Africa etc.
In appreciation of seasonal design and demand pattern of various
products being faced by customers they have built in flexibility in operation
to promptly respond by providing product design and free samples.
They have a good database of product designs. In addition, product
design group is quick in adopting to changing design trend using appropriate
software package on receipt of required inputs from the prospective customers.
They , through appropriate arrangement, harness the capability of the National
Institute of Fashion Technology, Kolkata, West Bengal, India.
They use appropriate gramage and strength of jute, jute-cotton,
jute-canvas, cotton, canvas, silk and paper fabric in its production.
Lamination, when required, is done with PP / LDP of at least 100 gms per
sq.meter. When required, the fabrics are dyed; and printed by adopting silk
printing, batik printing, tie and dye printing and block printing techniques
using vegetable/ AZO free fast colours. Other quality colours are also used
when it is so specified by the customer.
Hand painting with fabric, pastel colour is done decorated with sequin,
beads, seashell and other decorative fittings. Embroidery, eplic work, Kantha
stitch etc are also done. The traditional handicrafts artisan of India does the
work by hand.
Cutting and stitching is done using required quality powered machines that
ensures quality finish.
The Quality Assurance Team continuously checks each and every part of
the products against set standards.
They follow Six-Sigma technique for close understanding of customer
needs, disciplined use of facts, data, and statistical analysis, and diligent
attention to managing, improving, and reinventing business processes.
Accreditation and
Certification
* They are a registered small-scale industrial unit operating in a declared backward district of West Bengal, India that entitles us to various incentives of the state and central government for generating employment and supporting handicraft.
* They are registered with Director General of Foreign Trade, Government of India.
* They are registered under Value Added Tax.
* They are a member of Jute Manufactures Development Council, Ministry of Textile, Government of India.
* They are member of Export Promotion Council for Handicraft, Government of India.
* They are member of Indo-German chamber of commerce.
* They use labels on each of their product on consumer safety & health, environment.
* They may arrange okotex certification on quality as applicable to their products.
* They follow ILO standards on working condition.
Especiality
*
They are capable of handling orders in small volume per
design (500 pcs per design).
*
They are flexible in switching over from one design to
another without any loss of time to meet changing market demand situation
promptly.
*
They have software based basic design formats of all
the product groups, which can incorporate necessary changes to meet changing
design trend.
*
Their communication channels are fast and effective.
Given the nature and place of usage of the product, priorities of the customers
and expectation of the ultimate users their design department foresees the
trend of design and provides feedback to their customers within next 5 days at
the most.
*
They are capable of dispatching sample(s) on the trial
design / final design soon.
*
In order to ensure the above they have a highly
flexible and standardized working method.
*
They have highly competent, dedicated and committed
work groups covering all the areas of operation.
*
They are very sensitive to the changing business
situation of their customers and
accordingly have put in place a very active and highly effective internal
supply change management related methodologies to live up to the expectation of
their customers and their commitment.
*
They set each component of the product-wise quality
standards. Their Quality Assurance team checks each individual parts in
reference to such Quality Standards at each of the production stage very
carefully, documents the same batch-wise and rejects those which fail to meet
such quality standards. They
follow Six Sigma quality Assurance methodology to ensure full customers’
satisfaction and at the same time change their
production process/sequences to minimize rejection.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.39.27 |
|
UK Pound |
1 |
Rs.77.01 |
|
Euro |
1 |
Rs.58.29 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
5 |
|
PAID-UP CAPITAL |
1~10 |
5 |
|
OPERATING SCALE |
1~10 |
5 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
5 |
|
--PROFITABILIRY |
1~10 |
5 |
|
--LIQUIDITY |
1~10 |
5 |
|
--LEVERAGE |
1~10 |
5 |
|
--RESERVES |
1~10 |
5 |
|
--CREDIT LINES |
1~10 |
5 |
|
--MARGINS |
-5~5 |
-- |
|
DEMERIT POINTS |
|
|
|
--BANK CHARGES |
YES/NO |
YES |
|
--LITIGATION |
YES/NO |
NO |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
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
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|