MIRA
INFORM REPORT
|
Report Date : |
19TH
June, 2006 |
IDENTIFICATION
DETAILS
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Name : |
NATIONAL
FRUIT AGENCY |
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Registered Office : |
120, Anna Fruit
Market, Koyambedu, Chennai – 600 001, Tamilnadu, INDIA |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1970
(Partnership firm in the year 2000) |
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Legal Form : |
Partnership concern with an unlimited liability
of the partners |
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Line of Business : |
Importers and Dealers of Fruits such as
Apples, Pears, Grapes and Oranges |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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
10000 |
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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 satisfactory track. Partner are
experienced, respectable and having satisfactory means of their own. Their
trade relations are fair. Payments are usually correct and as per
commitments. The
concern can be considered normal for business dealings at usual trade terms
and conditions. |
LOCATIONS
|
Registered Office : |
120, Anna Fruit
Market, Koyambedu, Chennai – 600 001, Tamilnadu, INDIA |
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Tel. No.: |
91-44-24779163 |
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Mobile No.: |
91-9840073383 |
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Fax No.: |
91-44-24792598,
26280357, 26162357 |
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E-Mail : |
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Website : |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. M. A. Rahim |
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Designation : |
Partner |
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Date of Birth/Age : |
56 years |
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Qualification : |
Undergraduate |
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Experience : |
36 years |
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Name : |
Mr. Ameerul
Hussain |
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Designation : |
Partner |
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Date of Birth/Age : |
27 years |
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Experience : |
7 years |
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Name : |
Mr. Mohammed Yaseen |
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Designation : |
Partner |
BUSINESS DETAILS
|
Line of Business : |
Importers and Dealers of Fruits such as
Apples, Pears, Grapes and Oranges |
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Exports to : |
Sri Lanka |
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Imports from : |
China, USA, Australia, New Zealand and Chile
Grapes from USA and Australia Organges from Australia and USA. Pears from
China, Australia and USA. |
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Terms : |
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Selling : |
Credit terms |
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Purchasing : |
Cash or Credit (50 days) terms |
GENERAL
INFORMATION
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No. of Employees : |
10 |
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Bankers : |
UTI Bank Limited, J-14, 3rd Avenue,
Anna Nagar, Chennai – 600 102, Tamilnadu |
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Facilities : |
The concern is reported to enjoy Cash
Credit facility of Rs.5.0 millions from its’ banker. Banking relations are
satisfactory |
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Banking Relations : |
Satisfactory
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Associates/Subsidiaries : |
v
Royal Fruits 120, Anna Fruit
Market, Koyambedu, Chennai – 600 001, Tamilnadu - Imports Apples & Pears in the
name of National Fruit Agency - Imports Apples, Mangoes, Grapes
& Pomegranates in the name of Royal Fruits Basically, they supply to the same dealers and
import is done under different names from the same source for commercial
reasons. v
NFA International 120, Anna Fruit
Market, Koyambedu, Chennai – 600 001, Tamilnadu - Importers of Fruits v
Eden Fruits
T/D-1, Anna Fruit Market, Koyambedu, Chennai – 600 092, Tamilnadu |
CAPITAL STRUCTURE
|
Capital
Investment : |
|
|
Owned : |
Rs.
2.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
2.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
|
Particulars |
31.03.2006 |
31.03.2005 |
31.03.2004 |
|
Sales Turnover |
120.000 |
120.000 |
110.000 |
LOCAL AGENCY
FURTHER INFORMATION
HISTORY
Subject was established in the year 1970 at Chennai
in Tamilnadu as a Sole Proprietory concern owned by Mr. M. A. Rahim.
Later the concern was converted into a partnership
firm in the year 2000 and both his sons were made partners.
Koyambedu fruit and vegetable market is a
Government owned wholesale market on the 100 feet road between Anna Nagar and
Ashok Nagar. The area itself is called Koyambedu. These markets were first situated
near Central Station called the Moore market which has been demolished and
space provided for traders, importers and wholesalers at Koyambedu. The market
is over an area of one acre divided into number of shops. The shop where
National Fruit Agency is situated is owned by them and is only a trading place.
They have a room with telephone and some tables chairs and do only trading
here. Mr. Amir, son of Mr. M. A. Rahim runs the trading activities and manages
the office. They are well known in the market for Royal brand of fruits and are
very important and volume wise one of the biggest importers. There is no way to
access their financial strength but Royal brand of fruits is sold all over
Tamilnadu
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
|
Currency |
Unit
|
Indian Rupees |
|
US
Dollar |
1 |
Rs.45.89 |
|
UK
Pound |
1 |
Rs.84.65 |
|
Euro |
1 |
Rs.57.78 |
SCORE &
RATING EXPLANATIONS
|
SCORE FACTORS |
RANGE |
POINTS |
|
HISTORY |
1~10 |
6 |
|
PAID-UP CAPITAL |
1~10 |
6 |
|
OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
|
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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--MARGINS |
-5~5 |
- |
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DEMERIT POINTS |
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--BANK CHARGES |
YES/NO |
YES |
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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 |
YES |
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--LISTED |
YES/NO |
NO |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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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/normal. |
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 |