MIRA
INFORM REPORT
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Report Date : |
10.11.2006 |
IDENTIFICATION
DETAILS
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Name : |
KISMAT
FRUIT TRADERS |
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Registered Office : |
95,
New Fruit Market, Naroda Road, Ahmedabad-380 025, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2004 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
AHMK02861F |
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PAN No.: [Permanent
Account No.] |
AAHFK0413G |
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Legal Form : |
Partnership
concern with an unlimited liability of the partners |
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Line of Business : |
Import, Trading, and Wholesale of
Fresh Fruits all over India |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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
20000 |
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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. Trade relations
are fair. Financial position is satisfactory. Payments are correct and as per
commitment. The
concern can be considered good for normal business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/Godown : |
95,
New Fruit Market, Naroda Road, Ahmedabad-380 025, Gujarat |
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Tel. No.: |
91-79-22203040 |
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Area : |
1300
Sq. ft |
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Location : |
Owned |
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Administrative
Office : |
6, New Fruit Market, Naroda Road,
Ahmedabad-380 025, Gujarat |
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Tel.
No.: |
91-79-222010688 |
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Fax
No.: |
91-79-22201642 |
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Mobile No.: |
91-9879777950 |
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E-Mail
: |
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Area : |
900
Sq. ft |
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Branches
: |
F/61, 62, APMC Fruit Market, Turbhe, Vashi, New
Bombay |
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Mobile No.: |
91-9825023525/ 9867223525 |
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E-Mail
: |
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Area : |
1000
Sq. ft |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. Javed Abdulrazak Memon |
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Designation : |
Managing Partner |
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Date of Birth/Age : |
23 Years |
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Qualification : |
B.Com |
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Experience : |
5 Years |
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Mobile No.: |
91-9825023525/ 9867223525 |
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E-Mail
: |
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Name : |
Mr. Asif Abdulrazak Memon |
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Designation : |
Partner |
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Date of Birth/Age : |
20 Years |
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Qualification : |
B.Com |
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Experience : |
2 Years |
KEY EXECUTIVES
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Name
: |
Mr. Samir Abdulrazak Memon |
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Designation
: |
Chief
Executive Officer |
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Mobile No.: |
91-9879777950 |
BUSINESS DETAILS
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Line of Business : |
Import, Trading, and Wholesale of
Fresh Fruits all over India |
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Imports from : |
China |
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Terms : |
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Selling : |
Cash, Advance & Credit (7 days) |
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Purchasing : |
50% Advance & Rest Against Document |
GENERAL
INFORMATION
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Suppliers : |
v Longkov Panasia Fruit Vegtable Company Limited, China v Qingdao Edenfull Industrial Company Limited, China v
Evan Fruit Company – Washington - U.S.A |
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Customers : |
v Fruit Traders |
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No. of Employees : |
32 |
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Bankers : |
Oriental Bank of
Commerce, Station Road Branch, Near Mehdoot Hotel,
Sarangpur, Ahmedabad-380 002 |
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Facilities : |
The
parent Company have C.C. Limits of Rs. 3.000 Millions from the bank |
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Banking Relations : |
Satisfactory
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Auditors : |
G.K. Choksi & Company Chartered Accountant |
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Associates/Subsidiaries : |
Hoor
Fruit Company Parent Company Established in: 1993 Activity - Import,
Trading, and Wholesale of Fresh Fruits all over India Sales :Rs.100.Million Proprietor .: Samir Abdulrazak Memon. Mobile
: 91-9879777950 6, New Fruit Market, Naroda Road,
Ahmedabad-380 025, Gujarat Phone :
91-79-222010688 Mobile
: 91-9879777950 Fax :
91-79-22201642 E-Mail
: eam@icenet.net Haji
Memon & Company 23/B, New Fruit Market, Naroda Road,
Ahmedabad-380 025 Estimated in: 1987 Activity : Fruit Merchant & Cimmission Agent,
Deal in local fruits all over india Proprietor : Mr. Abdulgani Ebrahimbhai Memon Mobile :
91-9870023585 E. A. M. & Sons 23/B, New Fruit Market, Naroda Road,
Ahmedabad-380 025 Estimated in: 1987 Activity : Fruit Merchant & Cimmission Agent,
Deal in local fruits all over india Proprietor : Mr. Abdulrazak Ebrahimbhai Memon Mobile :
91-9879777950 The Group Import Mainly From : Shaz Limited, New Zealand And Chile
Apples Through Trade Link, Other Than The Above Chinese & U.S. Suppliers |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs.
5.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
5.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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80.000 |
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Profit/Loss for the year |
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0.600 |
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Import Value |
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5.000 |
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Expenses |
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4.400 |
Subject is Expected to have a turnover
of Rs.110.000 Million by the end of the current financial year-31.03.2007
Expected
to import Fruits Worth Rs.30.Million Per Annum.
Average
Stock Maintained: Rs.2.000 Million
LOCAL AGENCY
FURTHER INFORMATION
Subject is a part of “ E.A.M. Group,
India- Leading importers & fruit
merchants.
E.A.M.
Group – India
Group Profile
Their grand father
Mr. Ebrahim A. Memon started retail fruit
business about 50 years back and his two sons;
Mr. Abdul Razak Memon, and
Mr. Abdul Gani
Memon- Started Whole Fruit Business
Some 25.Years
Back, Thereafter.
After that their
Sons:
Mr. Samir Abdul
Razak Memon,
Mr. Javed
Abdulrazak Memon, and
Mr. Asif Abdulgani
Memon,
Started import
& trading of fresh fruits from all over the world 2 years back.
The group is one
of the leading importer & wholesalers of fresh fruits in india, having more
than 200. Retail-shops under its business network, having branches in Mumbai,
Ahmedabad and business partnership arrangements in Bangalore.
The group
commenced with import of fresh fruits through merchant importers and now mostly
do direct import and trading for the last two years.
Among
the four group companies, subject and the parent company looks after the import
& trading business, while the other two
associates looks after the local fruits business.
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
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Currency |
Unit
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Indian Rupees |
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US
Dollar |
1 |
Rs.44.65 |
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UK
Pound |
1 |
Rs.85.03 |
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Euro |
1 |
Rs.56.98 |
SCORE &
RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
5 |
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PAID-UP CAPITAL |
1~10 |
5 |
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OPERATING SCALE |
1~10 |
5 |
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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 |
5 |
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--LEVERAGE |
1~10 |
5 |
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--RESERVES |
1~10 |
5 |
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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 |
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 |
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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
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
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NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
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