MIRA
INFORM REPORT
|
Report Date : |
11.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
MY INTERNATIONAL |
|
|
|
|
Registered Office : |
M – 25, Naveen Shahdara, New Delhi – 110 032 |
|
|
|
|
Country : |
India |
|
|
|
|
Financials (as on) : |
31.03.2008 |
|
|
|
|
Year of Establishment : |
2001 |
|
|
|
|
IEC No.: |
0501016481 |
|
|
|
|
TIN No.: |
07480246782 |
|
|
|
|
TAN No.: |
DELM15096E |
|
|
|
|
PAN No.: [Permanent
Account No.] |
AAGFM0944F |
|
|
|
|
Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners. |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Supplier of Handicrafts. |
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 15000 |
|
|
|
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Usually Correct |
|
|
|
|
Litigation : |
Clear |
|
|
|
|
Comments : |
Subject is a well established concern having satisfactory track. 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
|
Name : |
Mr. Vikas Varsaney |
|
Designation : |
Partner |
|
Date : |
22.08.2008 |
LOCATIONS
|
Registered Office : |
M – 25, Naveen Shahdara, New Delhi – 110 032, India |
|
Tel. No.: |
91-11-22384836/ 22384921 |
|
Mobile No.: |
91-9810191273/ 9810064497 |
|
Fax No.: |
91-11-22380009 |
|
E-Mail : |
|
|
Area : |
1200 Sq. ft. |
|
Location : |
Rented |
|
|
|
|
Factory : |
F-65, Sector A-1, Tronica City, Uttar Pradesh, India |
|
Area : |
450 Sq. Mt. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Vikas Varsaney |
|
Designation : |
Partner |
|
Address : |
M – 25, Naveen Shahdara, New Delhi – 110 032, India |
|
Date of Birth/Age : |
35 Years |
|
Qualification : |
Graduate in Fashion Design |
|
Experience : |
11 Years |
|
|
|
|
Name : |
Mr. Ritesh Jain |
|
Designation : |
Partner |
|
Address : |
M – 25, Naveen Shahdara, New Delhi – 110 032, India |
|
Date of Birth/Age : |
34 Years |
|
Qualification : |
Graduate |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer, Exporter and Supplier of Handicrafts. |
|
|
|
|
Products : |
v Resin Bangle v Brass Cuff v Horn Necklace v Resin Necklace v Bone Beads v Glass Beads v Leather Cords v Cotton Cords v Leather Wallets v Arafat |
|
|
|
|
Exports : |
|
|
Products : |
v Resin Bangle v Brass Cuff v Horn Necklace v Resin Necklace v Bone Beads v Glass Beads v Leather Cords v Cotton Cords v Leather Wallets v Arafat |
|
Countries : |
v South Africa v South America v France v Italy |
|
|
|
|
Terms : |
|
|
Selling : |
L/C, Cash and Credit |
|
|
|
|
Purchasing : |
Cash and Credit |
GENERAL
INFORMATION
|
No. of Employees : |
8 |
|
|
|
|
Bankers : |
v Syndicate Bank C Place, New Delhi – 110 001, India |
|
Banking
Relations : |
Satisfactory |
|
|
|
|
Auditors : |
|
|
Name : |
Not Available |
CAPITAL STRUCTURE
|
Partner’s Capital : |
|
|
Owned : |
Rs. 3.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs. 3.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
|
Particulars |
|
31.03.2008 |
31.03.2007 |
|
Sales Turnover |
|
25.000 |
20.000 |
|
|
|
|
|
|
Profit/Loss for the year |
|
11% |
11% |
LOCAL AGENCY
FURTHER INFORMATION
Trust Seal
Acceptance Chart
|
Parameters |
Details |
|
Existence Verification |
MY International |
|
Name |
|
|
Address |
M – 25, Naveen Shahdara, New Delhi – 110 032, India |
|
Tel. No. |
91-11-22384836/ 22384921 |
|
Mobile No |
91-9810191273/ 9810064497 |
|
Fax No |
91-11-22380009 |
|
|
|
|
Statutory Approvals |
|
|
Legal Status of Firm |
Partnership |
|
Income Tax Registration |
AAGFM0944F |
|
Import Export Code |
0501016481 |
|
Name of Bank |
v Syndicate Bank C Place, New Delhi – 110 001, India |
|
|
|
|
Credibility Factors |
|
|
Year of Establishment |
2001 |
As Per Website
Details
Subject are among the leading manufacturers, exporters and suppliers of both handcrafted and machine made handcrafted fashionable jewelry, beads, leather and cotton accessories including Arafat and cords. These are manufactured using superior quality raw materials including resin, glass, horns, leather, bones, brass, cotton and others, to deliver an exclusive and flawless finish in the end products.
Successfully meeting the demands and tastes of fashion conscious clients, the
complete product range offered by us include Resin Bangle, Brass Cuff, Horn
Necklace, Resin Necklace, Bone Beads, Glass Beads, Leather Cords, Cotton Cords,
Leather Wallets, Arafat.
Established in the year 2001, at New Delhi, the business operations are being
led by Mr. Vikas Varsaney. His
around 8 years of industry experience as well as dedicated support provided by
the team of designers, artisans and other allow us to deliver in the
handcrafted range an exclusive and appealing finish.
Today, the consistent performance has helped us to give new shape to the
fashion and handicraft industry through the range of products. Further the
practical measures undertaken by us including quality control, skill
enhancement workshops, arranging for feedback from clients, product testing and
others also assure clients availability of quality products at very genuine
prices.
Infrastructure
The well-developed infrastructure setup comprising of a
judicious blend between men and machine allow us to successfully design and
manufacture a wide range of handcrafted fashion, jewelry, beads and other associated
products.
They have with us services of skilled craftsmen who have with them in-depth
understanding of the finer concepts of designing jewelry and other handcrafted
products. Apart from this, they also keep abreast with latest emerging
technologies that help us to bring innovative production techniques into use.
Some of the vital features of the infrastructure include:
v
Skilled
craftsmen
v
Polishing
machine
v
Faceting
machine
v Brass dapping machines
Efficient Craftsmanship
The production operations are
backed by creative team of designers and workers having a strong hold over the
involved craftsmanship techniques. The talent of the craftsmen can be seen in
each of the piece they create, showcasing rich Indian tradition. Further they
also hold expertise in delivering the range in both traditional and
contemporary finish that are targeted to all the age groups.
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 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 :
The 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.
The 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. 45.44 |
|
UK Pound |
1 |
Rs. 79.62 |
|
Euro |
1 |
Rs. 63.48 |
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 |
NO |
|
--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, they have no basis upon which to
recommend credit dealings |
No Rating |
|