MIRA
INFORM REPORT
|
Report Date : |
24.09.2008 |
IDENTIFICATION
DETAILS
|
Name : |
LUCKY ENTERPRISES |
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Registered Office : |
L-1/2A, South Extension, Part II, New Delhi – 110049 |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Year of Establishment : |
1984 |
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IEC No.: |
1896000347 |
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PAN No.: [Permanent
Account No.] |
AACFL1380J |
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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 carpets |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Maximum Credit Limit : |
USD 25000 |
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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 concern having satisfactory track. Trade
relations are fair.Payments are usually correct and as per commitments. The concern can be considered good for normal business dealings at
usual trade terms and conditions. |
INFORMATION PARTED
BY
|
Name : |
Mr.Zahoor A.Bhat |
|
Designation : |
Chief Executive Officer |
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Contact No.: |
91-9818244750 |
|
Date : |
12.09.2008 |
LOCATIONS
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Registered Office : |
L-1/2A, South Extension, Part II, New Delhi – 110049, India |
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Tel. No.: |
91-11-26251826 / 26258151 |
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Mobile No.: |
91-9868147769 / 9818244750 |
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Fax No.: |
91-11-41641754 |
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E-Mail : |
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Website : |
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Area : |
1200 SQ.FT. |
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Location : |
Owned |
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Factory : |
Hamdaniya Auqaf Building, Kalash Pora, Srinagar,Kashmir |
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Tel. No.: |
91-194-2402451 |
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Fax No.: |
91-194-2402451 |
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Area : |
900 sq.ft. |
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Location : |
Owned |
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Factory : |
IEML Mart,Greater Noida |
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Area : |
260 sq.ft. |
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Location : |
Owned |
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Head Office: |
Hari Singh High Street, Srinagar – 190001. |
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Corporate
Office: |
Opp.Ved Mandir Gate,Karan Nagar,Jammu - 5 |
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Tel. No.: |
91-191-2544251 / 2562318 |
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Mobile No.: |
91-9419187723 |
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Fax No.: |
91-191-2547955 |
PARTNERS
|
Name : |
Mr.Abdul Rashid Bhat |
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Designation : |
Partner |
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Address : |
Hyder –pura,Srinagar, Kashmir |
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Age : |
70 years |
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Qualification : |
Under Matric |
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Experience : |
50 years |
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|
|
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Name : |
Mr.Ghulam M.Bhat |
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Designation : |
Partner |
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Address : |
Soura,Srinagar, Kashmir |
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Age : |
65 years |
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Qualification : |
Under Graduate |
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Experience : |
25 years |
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|
|
|
Name : |
Mr.Abdul.U.Bhat |
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Designation : |
Partner |
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Address : |
Soura,Srinagar, Kashmir |
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Age : |
55 years |
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Qualification : |
Under Graduate |
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Experience : |
25 years |
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Name : |
Mr.Nazir.A.Bhat |
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Designation : |
Partner |
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Address : |
Soura,Srinagar, Kashmir |
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Age : |
52 years |
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Qualification : |
Under Graduate |
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Experience : |
32 years |
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|
|
Name : |
Mr.Mushtaq A.Bhat |
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Designation : |
Partner |
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Address : |
Soura,Srinagar, Kashmir |
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Age : |
48 years |
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Qualification : |
Under Graduate |
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Experience : |
27 years |
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|
|
|
Name : |
Mr.Ayaz.A.Bhat |
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Designation : |
Partner |
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Address : |
L-1/2A,South Extn.,Part II,New Delhi – 110049,India |
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Age : |
25 years |
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Qualification : |
Under Graduate |
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Experience : |
3 years |
BUSINESS DETAILS
|
Line of Business : |
Manufacturer and Exporter of carpets |
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|
|
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Products : |
FLOOR COVERING Silk
Carpets Woolen
Carpets Art-silk
Carpets Woolen
Chain-Stitch Rugs AA-Silk
Chain-Stitch Rugs SHAWLS/STOLES/ SCARVES & MUFFLER 100%
Pure Pashmina Shawls with Sozni Work 100%
Pure Hand Wooven Karni Jamma Shawls All
Kinds of Silk/Pashmina Shawls & Stoles Muffler All
Kinds of Woolen Shawls, Stoles & Muffler All
kinds of Woolen Jamawar Shawls, Stoles and Mufflers All
Kinds of Shawls, Stoles and Mufflers 100%
Pure Silk Stoles & Scarves and Mufflers Silk/Wool
Stoles, Scarves & Mufflers LADIES GARMENTS Pure
Silk Coat with Hand Embroidery 100%
Cotton Ladies Tops with Embroidery Punchoo's Gown
with Embroidery 100%
Pure Pashmina Sweaters WALL HANGING Jewel
Carpets Zari
Items Hand
Embroidered Picture's on Velvet X-Mass
Items HANDICRAFTS All
Kinds of Ladies Bags Artistic
Paper Machine Orranments Wooden
items Other
Antique Handicrafts Items Special Features of Our Products |
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Exports : |
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Products : |
Carpets |
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Countries : |
U.K., U.S.A., Europe and Gulf Countries [No Direct Export] |
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Terms : |
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Selling : |
L/C , Cash |
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Purchasing : |
Cash ( 30 – 60 – 90 days) |
PRODUCTION STATUS
|
Particulars |
Actual
Production |
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Carpets |
5000-6000 Sq.ft. |
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Shanls |
1000-1500 pcs |
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Home Furnshing |
5000 Pcs. |
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GENERAL
INFORMATION
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Customers : |
v Wholesalers v Retailers |
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No. of Employees : |
44 (in office 4 + in factory 30 + in branches 10 ) |
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Bankers : |
Jammu and Kashmir Bank Limited, South Extension, New Delhi – 110049, India |
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Banking
Relations : |
Good |
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|
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Auditors : |
|
|
Name : |
Ashok Koul and Company Chartered Accountant |
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Address : |
Hari Singh High Street,Srinagar,Kashmir |
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Tel. No.: |
91-191-2544251 |
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|
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Associates/Subsidiaries : |
Lucky Carpet L-1/2A, South Extension, Part II, New Delhi – 110049, India |
CAPITAL STRUCTURE
PARTNERS CAPITAL ACCOUNT
(As on 31.03.2007)
|
PARTICULARS |
Rs.In Million |
|
Opening Balance as on 01.04.2006 |
5.429 |
|
Add: |
|
|
Interest on above Balance @ 6% Per annum |
0.325 |
|
Salary from firm |
0.072 |
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Additions made during the year |
0.200 |
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Less: |
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Drawings /Adjustments made during the year |
0.440 |
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|
|
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Total |
5.631 |
FINANCIAL DATA
[all figures are in Rupees Millions]
ABRIDGED BALANCE
SHEET
|
SOURCES OF FUNDS |
|
|
31.03.2007 |
|
|
SHAREHOLDERS FUNDS |
|
|
|
|
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1] Share Capital |
|
|
5.631 |
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2] Share Application Money |
|
|
0.000 |
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3] Reserves & Surplus |
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|
0.000 |
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4] (Accumulated Losses) |
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|
0.000 |
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NETWORTH |
|
|
5.631 |
|
|
LOAN FUNDS |
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|
|
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|
1] Secured Loans |
|
|
0.000 |
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2] Unsecured Loans |
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|
0.000 |
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TOTAL BORROWING |
|
|
0.000 |
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DEFERRED TAX LIABILITIES |
|
|
0.000 |
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Statutory Liabilities |
|
|
0.468 |
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|
|
|
|
|
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TOTAL |
|
|
5.678 |
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|
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APPLICATION OF FUNDS |
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|
|
|
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FIXED ASSETS [Net Block] |
|
|
0.371 |
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Capital work-in-progress |
|
|
0.000 |
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|
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INVESTMENT |
|
|
0.000 |
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DEFERREX TAX ASSETS |
|
|
0.000 |
|
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|
|
|
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CURRENT ASSETS, LOANS & ADVANCES |
|
|
|
|
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Inventories |
|
|
5.943 |
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Sundry Debtors |
|
|
7.915 |
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Cash & Bank Balances |
|
|
3.282 |
|
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Other Current Assets |
|
|
0.000 |
|
|
Loans & Advances |
|
|
1.625 |
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Total
Current Assets |
|
|
18.765 |
|
|
Less : CURRENT
LIABILITIES & PROVISIONS |
|
|
|
|
|
|
Current Liabilities |
|
|
13.402 |
|
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Advance from customer |
|
|
0.055 |
|
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Provisions |
|
|
0.000 |
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Total
Current Liabilities |
|
|
13.457 |
|
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Net Current Assets |
|
|
5.308 |
|
|
|
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MISCELLANEOUS EXPENSES |
|
|
0.000 |
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|
|
|
|
|
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TOTAL |
|
|
5.678 |
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PROFIT & LOSS
ACCOUNT
|
PARTICULARS |
|
|
31.03.2007 |
|
|
Sales Turnover (Sri Nagar) |
|
|
14.375 |
|
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Sales Turnover (New Delhi) |
|
|
3.109 |
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Total Sales |
|
|
17.484 |
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Other Income |
|
|
0.000 |
|
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Total Income |
|
|
17.484 |
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|
|
|
|
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Net Profit For the Year |
|
|
0.043 |
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Expenditures : |
|
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Head Office SRINAGAR |
|
|
|
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Opening Stock |
|
|
3.241 |
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Purchase |
|
|
14.378 |
|
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Direct Expenses |
|
|
|
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Binding and Stiching |
|
|
0.168 |
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Washing Charges |
|
|
0.122 |
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Rafoo and Repairing |
|
|
0.038 |
|
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Finshing Charges |
|
|
0.037 |
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Branch Office, New Delhi |
|
|
|
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Opening Stock |
|
|
3.387 |
|
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Purchase |
|
|
0.655 |
|
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Goods T/F from H.O.Srinagar |
|
|
0.452 |
|
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Finshing Charges |
|
|
0.015 |
|
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Administrative Selling and Distribution Expenses |
|
|
|
|
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Head Office SRINAGAR |
|
|
0.000 |
|
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Branch Office, New Delhi |
|
|
0.038 |
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Salary to Partner |
|
|
0.072 |
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Interest on partners capital @6%p.a |
|
|
0.325 |
KEY RATIOS
|
PARTICULARS |
|
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|
31.03.2007 |
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Debt Equity Ratio (Total Liability/Networth) |
|
|
|
2.38 |
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Current Ratio (Current Asset/Current Liability) |
|
|
|
1.39 |
LOCAL AGENCY
FURTHER INFORMATION
TRUSTSEAL ACCEPTANCE CHART
|
Parameters |
Detail |
|
Existence Verification |
|
|
Name |
LUCKY ENTERPRISES |
|
Address |
L-1/2A,South Extn.,Part II,New Delhi – 110049,India |
|
2nd Address |
Hamdaniya Auqaf Building, Kalash Pora, Srinagar,Kashmir |
|
Phone / Mobile Numbers |
91-9818244750 / 26251826 / 8151 |
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Fax Number |
91-11-41641754 |
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Statutory Approvals |
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|
Legal Status of Firm |
Partnership Firm |
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Income Tax Registration |
AACFL1380J |
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VAT / TIN Registration |
07540220268 |
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Excise Registration |
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|
Import Export Code |
1896000347 |
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Name of Bank |
Jammu and Kashmir Bank Limited, South Extension, New Delhi – 110049, India |
|
Current account Number |
035501010000029 |
|
Account Since |
22.04.2000 |
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Creditability Factors |
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|
India Mart Client Since |
2008 |
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Years of Establishment |
1984 |
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Trade Affiliations |
|
|
Export Promotion Council |
CEPC CARPET EXPORT PROMOTION COUNCIL |
|
Chamber of Commerce Membership |
KASHMIR CHAMBER OF COMMERCE |
TRADE REFERENCES:
v BAZAR ORIETTEPPICH,3-9,HOUSING SOCIETY,SOUTH EXTENTION ,NEW Delhi-110049,
Tel No:-246118117
v PAYAL INTERNATIONAL,E-29, SOUTH EXTENTION ,NEW Delhi-110049,Tel No:
91-26252134
AS PER
WEBSITE
Profile
Subject operates on
the values of quality, honesty and innovation. A reputed name in the arena of home furnishings, garments, handcrafted and allied
products, they have made an everlasting impression on the minds
of their satisfied clients. They are a distinguished manufacturer and exporter of Carpets, Bed Covers, Table Covers, Cushion Covers,
Shawls, Chain-stitch Items, Stoles, Scarves, Sequin Garments, Pashmina
Sweaters, Gowns, Ponchos, Ladies Tops, Embroidered Coats, Wall Hangings, Ladies
Bags, etc. Stitched with expertise, all their garments
guarantee superior quality in terms of dimensional stability, color fastness,
and uniform dyeing. Similarly, their home furnishing items, elegantly crafted
in trendy designs by their designers are meant to decorate every
interiors.
Their products, available at competitive prices, meet the dynamic fashion as well
as home furnishing needs of the domestic and global buyers. They specialize in
carpets, shawls, stoles and scarves. It is their teamwork that has facilitated
their progressive growth in this industry. Their export supply, which
constitutes 40% of their production capacity, is centered on the worldwide
scale. They take feedback and suggestions from their esteemed customers and
upgrade their products accordingly.
Products
They have crafted a reputed status in the market owing to
their superior quality products available in a variety of designs and colors.
Quality raw materials like pure silk, pashmina, pure voil and cotton are used
to lend the perfect finishes to their products.
The following characteristics
are marked as the specialties of their garments and home furnishings:
- Style and
comfort are the two special features of their garments
- Intricately
knitted, uniformly dyed and a variety of colors
- Economical
prices and timely delivery are their hallmark
- A wide range
to choose from as per taste, style, colors and price
- All their
products are the perfect blend of contemporary style and ethnicity.
Quality
The quality of each product at subject is defined by the fineness in work and
ingenuity of design. With their commitment to superlative quality, they ensure
defect free manufacturing of products by careful monitor of the complete
manufacturing process at every step. Continuous training programs for the
workforce as per changing market trends facilitate them to cater to the quality
standards as well as contemporary demands of the market.
Infrastructure
Subject is equipped with state-of-the-art machineries like sewing machines,
stitching machines, etc. They have different machinery for processing, dyeing,
printings and many other activities, which are perfectly undertaken to provide
the customized product range. Their team of skilled designers always tries to
design the masterpieces to cater the ever-expanding needs of the domestic and
global markets. The machinery is checked and serviced regularly so that they
can be upgraded in tune with market dynamics.
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 :
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.45.72 |
|
UK Pound |
1 |
Rs.84.81 |
|
Euro |
1 |
Rs.67.60 |
SCORE & RATING
EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
|
FINANCIAL CONDITION |
|
|
|
--BUSINESS SCALE |
1~10 |
6 |
|
--PROFITABILIRY |
1~10 |
6 |
|
--LIQUIDITY |
1~10 |
6 |
|
--LEVERAGE |
1~10 |
6 |
|
--RESERVES |
1~10 |
6 |
|
--CREDIT LINES |
1~10 |
6 |
|
--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 |
NO |
|
--AFFILIATION |
YES/NO |
NO |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
TOTAL |
|
54 |
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 |
|