MIRA
INFORM REPORT
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Report Date : |
16.04.2007 |
IDENTIFICATION
DETAILS
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Name : |
SRI MANIKANDAN ENTERPRISES |
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Registered Office : |
No.5, Devaraja Mudali Street, Chennai-600003, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1974 |
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Com. Reg. No.: |
TAN for VAT -333090520738 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporters, Importers and Domestic Sellers of Human Hair. |
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 80000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
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Comments : |
Subject is a well-established and reputed concern having satisfactory track.
Proprietor is reported as experienced and respectable businessmen. Trade
relations are reported as fair. Business is active. Payments are usually
correct and as per commitments. The company can be considered normal for business dealings at usual trade
terms and conditions. |
LOCATIONS
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Registered Office/ Factory : |
No.5, Devaraja Mudali Street, Chennai-600003, Tamilnadu, India |
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Tel. No.: |
91-44-26615518 |
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Mobile No.: |
91-9840232231 |
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Fax No.: |
91-44-25380748 |
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E-Mail : |
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Website : |
Listed under Tradeindia.com |
SOLE PROPRIETOR
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Name : |
Mr. Swamikannau Sarangapani |
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Designation : |
Proprietor |
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Address : |
28/4, Kandppa Mudali Street, Choolaimedu, Chennai-600112, Tamilnadu,
India |
BUSINESS DETAILS
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Line of Business : |
Exporters, Importers and Domestic Sellers of Human Hair. |
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Products : |
Human Hair 100% Remi-Single
Drawn in all Natural colours. |
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Exports : |
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Products : |
Human Hair |
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Countries : |
Australia, Austria, Brazil, Canada, Denmark, France,
Germany, Hong Kong, Indonesia, Italy, Japan, Russia, Spain, Sweden,
Switzerland, Nigeria, USA, Uganda |
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Imports : |
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Products : |
Human hair |
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Countries : |
Gulf Countries, Malaysia and Korea |
GENERAL
INFORMATION
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No. of Employees : |
50 |
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Bankers : |
United Commercial Bank Limited, Chennai-600003, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 millions |
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Borrowed : |
-- |
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Total : |
Rs.20.000 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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40.000 |
LOCAL AGENCY
FURTHER INFORMATION
Website Details :
Subject was founded by Mr. S. SARANGAPANI, the Proprietor of the company, which was established in 1974. The company is engaged in processing, supplying and exporting Human Hair to various countries in the world. The company collects human hair from south Indian Temples, as the maximum collection of Human hair is only from the southern part of India.
Subject exports the following products:
Human Hair 100% Remi-Single Drawn in all Natural colours.
Human Hair Wefted Hair in all Natural colours.
Human Hair Non-Remi Double Drawn in all Natural colours.
Human Hair Barber Cuttings.
The company exports Human Hair to the countries like Australia, Austria, Brazil, Canada, Denmark, France, Germany, Hong Kong, Indonesia, Italy, Japan, Russia, Spain, Sweden, Switzerland, Nigeria, USA, Uganda etc.
Mr. S. Sarangapani, the proprietor of the company explains that, "They are in this trade of Human Hair processing for the 3rd generation. Also, this Human Hair trade is their family business. In 1920, Human Hair was exported to other countries only from India. Their grandfather was the exporter of human hair in those days. The countries which imported Human Hair in those days were South Africa, Sri Lanka, Singapore, Malaysia and Mauritius. Those countries imported Human Hair like False Hair, which was a kind of hairpiece used by Indian women living in those countries and was attached to their hair. In 1950, their father was the exporter of Human Hair. Due to changes in fashion, the European countries, American countries, African countries and Asian countries started importing Human hair for manufacturing Wigs, Hairpieces, Toupees etc., which have now become fashionable beauty products."
Since they have 40 years of experience in this Human Hair
Trade, they can easily understand the exact requirements of their customers and
can meet their needs by supplying superior quality goods within the stipulated
period. Hence, their company has a very high reputation in the international
market and has long term business relationships with its customers in various
countries.
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.41.64 |
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UK Pound |
1 |
Rs.83.11 |
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Euro |
1 |
Rs.56.46 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
YES |
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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 |
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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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