MIRA
INFORM REPORT
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Report Date : |
30.08.2007 |
IDENTIFICATION DETAILS
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Name : |
NEETA EXPORTS |
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Registered Office : |
1 – Jalaram Society, “Aashirwaad”, |
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Country : |
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Date of Incorporation : |
April 2007 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Suppliers of Home Decor Items, Stainless Steels Kitchenware, Plastic
Items and Shopping Bags. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 8000 |
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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to establish itself. The concern is yet
to commence commercial activities. Proprietor is young and energetic. No
further details or payments could be made available. The concern can be considered for small to mediocre business dealings
on safe and secured terms, initially. |
LOCATIONS
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Registered Office : |
1 – Jalaram Society, “Aashirwaad”, |
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Tel. No.: |
91-281-2576010 |
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Mobile No.: |
91-9824346661 |
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Fax No.: |
91-281-2576010 |
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E-Mail : |
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Area : |
700 sq. fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Amit Mehta |
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Designation : |
Proprietor |
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Date of Birth/Age : |
26 Years |
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Qualification : |
Post Graduate |
BUSINESS DETAILS
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Line of Business : |
Suppliers of Home Decor Items, Stainless Steels Kitchenware, Plastic
Items and Shopping Bags. |
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Products : |
Ø
Home
Decor Items Bed sheets Pillow Covers Beach Towels Napkins Terry towels Ø
Stainless
Steel Kitchenware Canisters Cutlery Bar Items, etc Ø
Plastic
Items Chairs Stools Tables Ø
Shopping
Bags Paper Bags Jute Bags Paper Laminated Bags |
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Exports : |
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Products : |
Ø
Home
Decor Items Bed sheets Pillow Covers Beach Towels Napkins Terry towels Ø
Stainless
Steel Kitchenware Canisters Cutlery Bar Items, etc Ø
Plastic
Items Chairs Stools Tables Ø
Shopping
Bags Paper Bags Jute Bags Paper Laminated Bags |
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Countries : |
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Terms : |
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Selling : |
Cash / Credit (60 days) |
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Purchasing : |
Cash / Credit (30 – 45 days) |
GENERAL INFORMATION
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Customers : |
Dealers |
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No. of Employees : |
3 |
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Bankers : |
Bank of |
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Facilities : |
C/C – Rs. 1.200 millions |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
(as on 30.08.2007) |
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Owned : |
Rs. 0.800 million |
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Bank : |
Rs. 1.200 millions |
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Total : |
Rs. 2.000 millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2008) : Around Rs.2.000 – 2.200 millions
LOCAL AGENCY FURTHER INFORMATION
Subject is a one stop shop for quality Plastic Furniture, Steel Kitchenware, Household Items, Paper Bags and variety of Home Decor items.
About Them
Subject is a leading
Exporter and Supplier of a
diverse range of products. Their extensive collection includes Plastic
Items (Furniture & Household Items), Stainless Steel Kitchenware, Paper
Bags (with or without lamination) and Home Decor Items like Bed sheets, Pillow
Covers, Towels, Napkins, Terry Towels and allied products. The exceptional quality of products and the
innovative designs offered by them have made them a name to reckon with, in the
global circuit. They have developed a strong client base all over the world in
a very short span of time, given the fact that they came into effect recently
in the year 2007.
They purchase their items
from some of the renowned manufacturers in the country, who hold a reputed
platform in the market accepting no compromises on the quality front. To be
doubly sure of the product quality, quality control tests are done abiding by
specified international standards. They supply products keeping in mind the
contemporary demands, tastes and preferences of their esteemed clients.
Quality
Having the belief
that the best is a matter of standards, they choose to set their own standards.
For them, quality is the elixir for the survival of a company, thus, their sole
aim at subject is to persistently work towards supplying their clients with the
best quality products. Their continual efforts have won them the trust of many
clients globally and have made them a recognized name internationally. To
ensure quality products to their customers, they make sure that the products
are purchased from reputed manufacturing brands. These purchased products
further undergo their quality control tests, which are of international
standards. It is after these grilling checks that the products are dispatched
for export and supply. At subject, the customer is the king and therefore, they
indulge in fair and transparent trade practices to derive complete client
satisfaction.
Why Them?
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Procure
premium quality products manufactured by highly reliable brands
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Maintaining
a well defined network for efficient collection and delivery of products
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Utmost
customer satisfaction and excellence--their hallmark
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No compromises
on quality as it represents the image of their company
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Best
products in the market meant to provide maximum utility to the end user
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A
completely unique collection offered at market leading reasonable prices.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.41.24 |
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1 |
Rs.82.55 |
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Euro |
1 |
Rs.56.06 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
2 |
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OPERATING SCALE |
1~10 |
-- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
-- |
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--PROFITABILIRY |
1~10 |
-- |
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--LIQUIDITY |
1~10 |
2 |
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--LEVERAGE |
1~10 |
2 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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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12 |
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. |
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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