MIRA
INFORM REPORT
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Report Date : |
21.06.2011 |
IDENTIFICATION DETAILS
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Name : |
BHARAT GLASS AND CROCKERIES |
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Registered
Office : |
A M Industrial Estate, Gorvebhavi Palya, 7th Mile, Hosur
Road, Bangalore – 560068, Karnataka |
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Country : |
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Financials (as
on) : |
31.03.2011 |
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Year of Establishment : |
1959 |
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Capital
Investment / Paid-up Capital : |
Rs.30.000 (Estimated) |
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Legal Form : |
Sole Proprietory Concern. |
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Line of Business
: |
Traders and Importers in Glass and Crockeries Products. |
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No. of Employees
: |
35 (Approximately) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba (50) |
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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 120000 |
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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 proprietory concern having satisfactory
track. Trade relations are reported as fair. Business is active. Payments are
reported to be usually correct and as per commitments. The concern can be considered normal for business dealings at usual
trade terms and conditions. |
NOTES:
Any query related to this report can be made
on e-mail: infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
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A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
INFORMATION PARTED BY
|
Name : |
Mr. Jagdish |
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Designation : |
Proprietor |
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Contact No.: |
91- 9845510113 |
|
Date : |
18.06.2011 |
LOCATIONS
|
Registered Office/ Godown : |
A M Industrial Estate, Gorvebhavi Palya, 7th Mile, |
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Tel. No.: |
91- 80- 41784600/ 41784603/ 41784617 |
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Mobile No.: |
91- 9845510113 (Mr. P Jagdish Kumar) |
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Fax No.: |
91- 80- 41784643 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Branch Office : |
33/2085 – B, Sreekala Road, Vennala, Kochi – 682028, Kerala, India |
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Tel. No.: |
91-484-2808561/ 4067936 |
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Fax No.: |
91-484-4067936 |
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E-Mail : |
srkl@bgc.in |
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Retail Showroom
: |
716, Chickpet, Bangalore – 53, Karnataka, India |
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Tel. No.: |
91-80-22254861 |
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Fax No.: |
91-80-22871852 |
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E-Mail : |
SOLE PROPRIETOR
|
Name : |
Mr. P Jagdish Kumar |
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Designation : |
Proprietor |
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Date of Birth/Age : |
55 years |
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Qualification : |
MBA graduate |
BUSINESS DETAILS
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Line of Business : |
Traders and Importers in Glass and Crockeries Products. |
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Imports : |
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Products : |
Glass and Crockeries Products |
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Countries : |
· China · Indonesia · Japan |
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Terms : |
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Selling : |
Depend |
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Purchasing : |
Depend |
GENERAL INFORMATION
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Customers : |
Wholesalers, End User and OEM’s |
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No. of Employees : |
35 (Approximately) |
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Bankers : |
·
HDFC Bank, ·
HDFC Bank, ·
Standard Chartered Bank, M |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Krishnan Murti Chartered Accountant |
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Memberships : |
·
KNK Consumer Durables Distributors Assn ·
Crockery and Glass Ware |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.30.000 (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs.30.000 (Estimated) |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
31.03.2011 |
31.03.2010 |
31.03.2009 |
|
Sales Turnover (Approximately) |
300.000 |
230.000 |
200.000 |
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The above information has been parted by Mr. Jagdish.
Note: Sole Proprietory and Partnership concerns are
exempted from filing their financials with the Government Authorities or
Registry Records.
LOCAL AGENCY FURTHER INFORMATION
WEBSITE DETAILS:
BACKGROUND
Subject of to-day was established in the year 1959 as one of the show rooms of
the then M/s Bawa Potteries, Delhi. It was in the year 1959 Mr. P.S.
Padmanabhaiah bought the so-called show room and changed the name and style as
Bharat Glass and Crockeries (BGC).
PROMOTER
Subject is a proprietary organization headed by Mr. P. Jagadeesh Kumar, an MBA
graduate having good business experience and varied marketing and
administrative skills. He took over the business from his father Mr. P.S
Padmanabaiah in the year 1976 and subsequently provided multidimensional look
in the business. He has traveled to various countries for developing business
and sourcing of material, which in turn has become the strength of business.
GROWTH
Subject started as an agency business with 3 to 4 products. To day is has grown
to a reputed business house handling agency/ distributorship over 45 products,
which include crockery, cutlery, plastic goods, electrical appliances and other
household articles.
BUSINESS
Subject has started from a small showroom in the heart of Bangalore.
Subsequently it has set up an exclusive retail outlet at the business hub of
Bangalore spread over an area of 3000 Sq. ft. where the entire retail trade
being carried out with direct access to end customers.
To cater to the needs of hotel/exclusive customer’s subject has started a model
showroom at 7th Mile Hosur road, Bangalore from where the entire requirement of
Hotel Industry as met. Realizing the dream of IT sector majors requirement a exclusive
show room was established in the same place.
To meet the requirement if Trade (whole sale distribution) subject has set up a
specialized warehouse at Hosur road spread over 10000 Sq feet to ensure
adequate and uninterrupted supply of materials.
The entire business marketing set up of the unit is managed by well trained and
specialized staff.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.99 |
|
|
1 |
Rs.72.60 |
|
Euro |
1 |
Rs.64.01 |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
7 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
6 |
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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 |
6 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
6 |
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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 |
NO |
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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 |
|
50 |
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 |
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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 |
|
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 |
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 |
|
- |
NB |
New Business |
- |
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.