MIRA
INFORM REPORT
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Report Date : |
15.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
VARNAM HANDICRATS |
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Registered Office : |
G – 18, Sreevatsa Square, Sreevatsa Gardens, Mettupalayam Road, Coimbatore
– 641 034, Tamil Nadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 (Estimated) |
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Year of Establishment : |
1996 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
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Line of Business : |
Manufacturer and Exporter of Bronze, Sculptures, Wooden Sculptures,
Stone Sculptures and Paintings. |
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 well – established concern having steady business. Their
trade relations are fair. Payments are usually correct and as per
commitments. Nothing adverse reported. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
INFORMATION PARTED
BY
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Name : |
Mr. C Praveen |
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Designation : |
Managing Partner |
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Contact No.: |
91-9944077134 |
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Date : |
14.10.2008 |
LOCATIONS
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Registered Office : |
G - 18, Sreevatsa Square, Sreevatsa
Gardens, Mettupalayam Road, Coimbatore - 641034, Tamil Nadu, India |
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Tel. No.: |
91-422-3294332 |
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Mobile No.: |
91-9363204727 / 9944077134 |
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Fax No.: |
91-422-2647107 |
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E-Mail : |
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Websites : |
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Area : |
300 Sq.fts |
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Location : |
Rented |
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Factory : |
AT / PO, Dhakotha District Keonjhar-758 049, Orissa, India |
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Area : |
20000 Sq.fts |
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Location : |
Leased |
PARTNERS
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Name : |
Mrs. Jaya Krishna |
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Designation : |
Partner |
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Age : |
25 years |
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Qualification : |
MCA |
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Name : |
Mr. C Praveen |
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Designation : |
Managing Partner |
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Age : |
35 years |
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Qualification : |
Computer Diploma |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Bronze, Sculptures, Wooden Sculptures,
Stone Sculptures and Paintings. |
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Products : |
· Bronze Sculpture · Stone Garden Statue · Interior Stone Statue ·
Stone Wall Sculpture |
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Exports : |
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Products : |
Bronze, Wooden, Stone, Sculptures and Paintings |
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Countries : |
US, Germany |
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Terms : |
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Selling : |
Advance Payment |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
79 (4 in office and 75
in Factory) |
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Bankers : |
Axis Bank, D B Road, Araspuram, Coimbatore, Tamil Nadu, India |
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Facilities : |
The concern do not enjoy facility from its bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Bala gopal and Murali Chartered Accountants |
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Address : |
Coimbatore, Tamil Nadu, India |
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Mobile No.: |
91-9843120900 |
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Memberships : |
Indo German Chamber of
Commerce |
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Associates/Subsidiaries : |
NIL |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.000 million (Estimated) |
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Borrowed : |
---- |
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Total : |
Rs. 1.000 million (Estimated) |
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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12.500 |
Expected Sales (2008-09): Rs. 12.500 millions
LOCAL AGENCY
FURTHER INFORMATION
WEBSITE DETAILS:-
With professionals and skilled artists, subject became a
focused concern creating stone and bronze sculptures. In 2002 they started
their own creative workshop in Orissa aiming export.
Today they have 7 award-winning master artists for stone and 2 for bronze and
75 talented artists to support them.
They foster values and skills intrinsic to the creation of traditional art and
dedicated to the advancement of sculpture industry.
Member: Indo German Chamber of
Commerce since 2006
Product
Profile
Subject offers a wide range of handmade traditional statues
of lord Buddha, lord Krishna and lord Ganesha, along with other sculptures that
are derivatives of art forms from ancient India art treasure. Their other
products like garden statue, religious statue, marble statue are inspired from
nature, specially their stone and wood collection. Their research team indulges
in an in depth analysis of Indian heritage and their designers recreate those
designs with their independent features. They keenly observe the minutest of
details and represent them in unique ways. That is why their products look
ethnic and traditional.
Their sculptors are skilled in using various types of stones like soft stone and
hard granite slice to create exquisite figures and shapes. They also offer
artifacts made from rare stones of khondalite (sandstone), serpentine (soft
stone), white stone, red stone and marble. Apart from this their products are
also created in mediums of patachitra (silk) and palm leaf paintings.
features of Range
Some
features of their exquisite products:
· Traditional and intricate designs
· Crafted with a masterly touch and an unmatched elegance
· Vegetable and plant colors are used which are entirely natural
· Hand made, only traditional tools are used
Tools and materials
All Stone sculptures are completely hand work. No power
tools or CNC machines. Just chisel and hammer which is similar to the creation
of sculptors in the great Indian temples.
They work in various types of stone ranging from soft stone to Hard Granite
depending on the demand of customer.
Bronze and Panchaloha (means alloy of 5 metals) statues are all brought to life
by the traditional casting method –Lost wax mold method and then handcrafted.
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.47.71 |
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UK Pound |
1 |
Rs.83.30 |
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Euro |
1 |
Rs.65.12 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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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 |
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 |
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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46 |
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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