MIRA INFORM REPORT
|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
DEVGIRI EXPORTS |
|
|
|
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Registered
Office : |
43, Sangram Colony, C-Scheme, Jaipur – 302 001, Rajasthan |
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Country : |
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Financials (as
on) : |
31.03.2014 |
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Year of
Establishment : |
1996 |
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Capital
Investment / Paid-up Capital : |
Rs.900.000 millions |
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Legal Form : |
Partnership concern with an unlimited liability of the partners |
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Line of Business
: |
Subject is primarily engaged in manufacturing and export of carpets,
bath and floor rugs. |
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No. of Employees
: |
Approximately 1000 (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba (46) |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Maximum Credit Limit : |
USD 3600000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Exist |
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Comments : |
Subject is an
established partnership concern having satisfactory track record. The rating takes
into consideration healthy financial risk profile marked by decent operational
performance and favorable government policies for handmade carpet industry. Trade relations
are fair. Business is active. Payment terms are reported to be usually
correct. The concern can
be considered for business dealing 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 – December 1, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
India |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
INDIAN ECONOMIC OVERVIEW
India’s current account deficit for the fiscal third quarter ended
September 2013 narrowed to $4.2 billion or 0.9 % of the gross domestic product from
$31.9 billion or 6.5 % of GDP a year earlier, thanks to a pick-up in exports
and moderation in gold imports. Manufacturing activity and new orders in India
showed their strongest growth in a year in February. The news comes as a relief
after data showed Asia’s third largest economy grew by a slower-than-expected
4.7 % annually in the three months through December. The HSBC Manufacturing
Purchasing Managers’ Index which gauges the business activity of India’s
factories but not its’ utilities, rose to 52.5 in February, its highest in a
year from 51.4 in January. Overall new orders for factory goods which rose to a
one-year high of 54.9 contributed to the surge. China has emerged as India’s
biggest trading partner in the current financial year replacing the United Arab
Emirates and pushing it to the third spot. India-China trade has reached $49.5
billion with a 8.7 % share in India’s total trade. The US comes second at $46
billion with 8.1 % share during the first nine months of the current financial
year.
The Reserve Bank of India has granted an additional nine months to the
public to exchange currency notes printed before 2005 including Rs 500 and Rs
1,000 denominations, pushing the deadline to January 1, 2015. A day before
dates for the Lok Sabha polls were announced, the government decided to hike
interest rates on fixed deposit schemes offered by post offices up to 0.2 per
cent. The new rates will be effective April, 1. The Supreme Court will resume
hearing on March, 11 Nokia’s appeal against a ruling over transferring
ownership of its local mobile phones plant which is the subject of a tax
dispute to Microsoft Corp.
In the last days of the current Government, another scam has surfaced.
The defence ministry has ordered a probe into Hindustan Aeronautics Limited’s
contracts from Britain’s Rolls-Royce Holdings worth at least $ 1.2 billion. The
Central Bureau of Investigation will look into allegations that over $80
million was paid in kickbacks in a deal signed in 2011. India has asked Boeing
Co. to find a solution for problems with state-owned Air India’s 787
Dreamliners. The aircraft has experienced a series of malfunctions since its
debut in 2011.
EXTERNAL AGENCY RATING
|
Rating Agency Name |
ICRA |
|
Rating |
Long Term Fund Based Limits: BBB- |
|
Rating Explanation |
Moderate degree of safety and moderate credit risk. |
|
Date |
February, 2013 |
RBI DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available RBI Defaulters’ list.
EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS
Subject’s name is not enlisted as a defaulter
in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of
31-03-2012.
INFORMATION PARTED BY
|
Name : |
Mr. Anil Surana |
|
Designation : |
General Manager |
|
Contact No.: |
91-9251039041 |
|
Date : |
12.04.2014 |
LOCATIONS
|
Registered Office : |
43, Sangram Colony, C-Scheme, Jaipur – 302 001, Rajasthan, India |
|
Tel. No.: |
Not Available |
|
Mobile No.: |
91-8572889205 (Mr. Gaurav Gupta) 91-8572889203 (Mr. Ashok Gupta) 91-8572889251 (Mr. Sanjeev) 91-9215189260 (Mr. Sharma) 91-9251039041 (Mr. Anil Surana) |
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Fax No.: |
Not Available |
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E-Mail : |
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Area : |
5000 sq. ft. |
|
Location : |
Owned |
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|
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|
Factory : |
C/o. Pearl Fibres Limited Complex, 6th Km Stone, G.T. Road,
Village Babarpur, Panipat – 132 103, Haryana, India |
|
Area : |
5000 sq. m. |
|
Location : |
Owned |
PARTNERS
|
Name : |
Mr. Gaurav Gupta |
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Designation : |
Partner |
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Qualification : |
Graduate |
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Name : |
Mr. Ashok Gupta |
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Designation : |
Partner |
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Name : |
Mr. Saurabh Gupta |
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Designation : |
Partner |
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Qualification : |
Graduate |
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|
Name : |
Mr. Surya Prakash Gupta |
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Designation : |
Partner |
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Name : |
Mr. Chandra Pratap Gupta |
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Designation : |
Partner |
KEY EXECUTIVES
|
Name : |
Mr. Sanjeev |
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Designation : |
Accounts Manager |
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|
Name : |
Mr. Anil Surana |
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Designation : |
General Manager |
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|
Name : |
Mr. Sharma |
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Designation : |
Marketing Manager |
BUSINESS DETAILS
|
Line of Business : |
Subject is primarily engaged in manufacturing and export of carpets,
bath and floor rugs. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Cash, Credit, LC and DP |
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Purchasing : |
Cash, Credit, LC and DP |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
Approximately 1000 (Group) |
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Bankers : |
State Bank of Bikaner and Jaipur, Panipat, Haryana, India |
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Facilities : |
Fund Based: Rs.400.000 millions and Non-Fund Based: Rs.20.000 millions
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Banking
Relations : |
-- |
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Auditors : |
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|
Name : |
Giriraj and Lohia Chartered Accountants |
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Sister Concern : |
ABC Industries,
Mirzapur Line of business: Subject is primarily engaged in manufacturing and
export of carpets, bath and floor rugs. |
CAPITAL STRUCTURE
AS ON 31.03.2014
|
Capital Investment (Group): |
|
|
Owned : |
Rs.900.000 millions |
|
Borrowed : |
-- |
|
Total : |
Rs.900.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
|
Particulars |
|
31.03.2014 |
31.03.2013 |
|
Group Sales Turnover (Approximately) |
|
5000.000 |
3500.000 |
|
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|
The above information has been parted by Mr. Anil Surana (General
Manager).
Note : Sole Proprietary and Partnership concerns are exempted
from filing their financials with the Government Authorities or Registry.
FINANCIAL ANALYSIS
[all figures are
in Rupees Millions]
YEAR-ON-YEAR GROWTH
|
Year on Year Growth |
|
31.03.2013 |
31.03.2014 |
|
|
|
(INR in Mlns) |
(INR in Mlns) |
|
Group
Sales Turnover (Approximately) |
|
3500.000 |
5000.000 |
|
|
|
|
42.857 |
LOCAL AGENCY FURTHER INFORMATION
|
Check
List by Info Agents |
Available
in Report (Yes / No) |
|
1) Year of Establishment |
Yes |
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2) Locality of the firm |
Yes |
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3) Constitutions of the firm |
Yes |
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4) Premises details |
Yes |
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5) Type of Business |
Yes |
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6) Line of Business |
Yes |
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7) Promoter’s background |
No |
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8) No. of employees |
Yes |
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9) Name of person contacted |
Yes |
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10) Designation of contact person |
Yes |
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11) Turnover of firm for last two years |
Yes |
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12) Profitability for last three years |
No |
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13) Reasons for variation <> 20% |
-- |
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14) Estimation for coming financial year |
No |
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15) Capital in the business |
Yes |
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16) Details of sister concerns |
Yes |
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17) Major suppliers |
Yes |
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18) Major customers |
Yes |
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19) Payments terms |
Yes |
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20) Export / Import details (if
applicable) |
Yes |
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21) Market information |
-- |
|
22) Litigations that the firm / promoter
involved in |
Yes |
|
23) Banking Details |
Yes |
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24) Banking facility details |
Yes |
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25) Conduct of the banking account |
-- |
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26) Buyer visit details |
-- |
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27) Financials, if provided |
Yes |
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28) Incorporation details, if applicable |
No |
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29) Last accounts filed at ROC |
No |
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30) Major Shareholders, if available |
No |
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31)
Date of Birth of Proprietor/Partner/Director, if available |
No |
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32)
PAN of Proprietor/Partner/Director, if available |
No |
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33)
Voter ID No of Proprietor/Partner/Director, if available |
No |
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34)
External Agency Rating, if available |
No |
LITIGATION
DETAILS:
PENDING
|
Date of query : 14/4/2014 |
Time : 1:20:36 PM |
|
ITA'441' of 2008 - R |
6752/2008 |
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Petitioner : |
C I T |
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Respondent: |
DEVGIRI EXPORTS |
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Petitioner Advocate: |
R B MATHUR |
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Respondent Advocate: |
MAHENDRA GARGIYA |
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Class Code : 1303 |
Registered on : 25/10/2008 |
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Bench : DB |
Stage : PAPER BOOK |
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DATE GIVEN BY: PESHI CLERK DATE |
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Date of Listing : 27/9/2012 |
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Listed in court No. DR on 12/08/2009 |
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Department Details |
|||
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Dept Type |
Dept Code |
Dept Name |
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C |
26 |
Income Tax |
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Lower Court Details |
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|||
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Case No. |
Judgeship |
Place |
Court |
Decision Date |
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COS-418/2006 |
JAIPUR METRO. |
JAIPUR |
INCOME TAX APPELLATE TRIBUNAL, JAIPUR |
20/3/2008 |
|
Case Detail have Match with this case |
|||
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Case Type |
Number |
||
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Paper Details |
|||
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No. |
Type |
Date of filing |
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|
29580/2012 |
22/9/2012 |
||
|
C I T VS M/S DEVGIRI EXPORTS |
R B MATHUR |
Court Fee : |
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|
16807/2010 |
POWER |
10/8/2010 |
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|
C I T VS M/S DEVGIRI EXPORTS |
MAHENDRA GARGIYA |
Court Fee : 2 |
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16183/2009 |
POWER |
12/6/2009 |
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C I T VS M/S DEVGIRI EXPORTS |
T C JAIN |
Court Fee : 2 |
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3742/2009 |
PF+NOTICE+EXTRA |
6/2/2009 |
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|
C I T VS M/S DEVGIRI EXPORTS |
Court Fee : 4 |
||
|
31155/2008 |
PF+NOTICE |
15/11/2008 |
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|
C I T VS M/S DEVGIRI EXPORTS |
Court Fee : 3 |
||
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 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.60.27 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Information
Gathered by : |
HNA |
|
|
|
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
SCORE & RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
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 |
YES |
|
--OTHER ADVERSE INFORMATION |
YES/NO |
NO |
|
MERIT POINTS |
|
|
|
--SOLE DISTRIBUTORSHIP |
YES/NO |
NO |
|
--EXPORT ACTIVITIES |
YES/NO |
YES |
|
--AFFILIATION |
YES/NO |
YES |
|
--LISTED |
YES/NO |
NO |
|
--OTHER MERIT FACTORS |
YES/NO |
YES |
|
DEFAULTER |
|
|
|
--RBI |
YES/NO |
NO |
|
--EPF |
YES/NO |
NO |
|
TOTAL |
|
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
|
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 |
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.