MIRA
INFORM REPORT
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Report Date : |
03.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
WELLFIT AUTO CARE INDUSTRIES |
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Registered Office : |
SDFF -17, 2nd Floor, Cochin Special Economic Zone,
Kakkanad, Ernakulam, Kochi – 682 037, Kerala |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1987 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHNW00151E |
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PAN No.: [Permanent
Account No.] |
AAAFW5707C |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Automobiles Car Seat Covers. |
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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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
This report is based on indirect sources of information since
management remained non –co-operative. Subject is an established 100% export orient unit. Trade relations are
fair. Payments are reported as slow but correct. The company can be considered for small to moderate business dealings
at usual trade terms and conditions. |
LOCATIONS
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Registered Office / Factory : |
SDFF -17, 2nd Floor, Cochin Special Economic Zone,
Kakkanad, Ernakulam, Kochi – 682 037, Kerala, India |
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Tel. No.: |
91-484-2413333/2413335 |
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Mobile No.: |
91-9895105252 |
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Fax No.: |
91-484-2413334/5 |
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E-Mail : |
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Websites: |
http://www.wellfitworld.com
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Area : |
3000 sq.fts (office) 37000 sq.fts (Factory) |
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Location : |
Rented |
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Overseas Office : |
New industrial Area, Ajman, UAE, Post Box No. 20767 |
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Tel. No.: |
9716-7437012 |
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Fax No.: |
9716-7437013 |
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E-Mail : |
SOLE PROPRIETOR
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Name : |
Mr. Yahya Ebrahim |
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Designation : |
Proprietor |
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Address : |
Ernakulam, Kochi – 682 037, Kerala, India |
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Date of Birth/Age : |
56 years |
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Qualification : |
Graduation |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of Automobiles Car Seat Covers. |
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Products : |
· Sedan · 4WD · Pick up |
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Exports : |
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Products : |
Car seat covers |
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Countries : |
Middle East, Dubai |
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Terms : |
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Selling : |
Cash against delivery |
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Purchasing : |
L/C, Credit ( 90 days) |
PRODUCTION STATUS
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Particulars |
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Unit |
Actual
Production |
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Car seat cover for interior in four wheeler |
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Pieces |
150 |
GENERAL
INFORMATION
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No. of Employees : |
124 (4 in office and 120 in factory) |
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Bankers : |
State Bank of India |
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Banking
Relations : |
---- |
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Auditors : |
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Name : |
George Joseph Associates Chartered Accountants |
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Address : |
Ravipuram, Ernakulam, cochin – 682 016 |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
NA |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
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Sales Turnover |
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90.000 |
70.000 |
LOCAL AGENCY
FURTHER INFORMATION
OTHER INFORMATION:
Observation point:
· Name board: Sighted High
· Land mark: Near to Kakkanad bus stand and inside the premises of the cochin Special Economic Zone
· Office appearance: Well furnished and interior decorated
· Office and factory Located: second Floor
· Office Area: Industrial Zone
WEBSITE DETAILS:
The concern came a long way since inception in the year 1986 to emerge
as a key player in the U.A.E. as well as International market from a humble
beginning. Thanks to the dedicated and talented workforce it has now grown up
to a company consisting of multi business activities. The success story is
highly depended up on their customers who gave them their continued support
enabling the group to obtain a rapid progress within a short period. The
Automobile Seat Cover manufacturing units in U.A.E. and India are the main
branches of the Group. The U.A.E unit is located at New Industrial Area, Ajman,
U.A.E. while the India unit is located at the (export oriented zone of) Cochin
Special Economic Zone, Kerala, India enriched by skilled and vast experienced
workforce. The exceptional quality of The concern products captured the entire
U.A.E., Middle East, Russia and African markets with wide popularity within a
short period. The raw materials of finest quality are imported from U.S.,
India, and Far Eastern Countries. Their bulk global outsourcing of raw
materials and in-house manufacturing facilities lead to ‘economies of scale’,
which enable them to sell products at reasonable price. They are now proud to
be one of the largest car seat cover manufacturing and exporting companies in
the Middle East and India. Both the factories are equipped with the state of
the art facilities and sophisticated machineries including computerized
cutting, welding and laminating machines. Their recent achievement of ISO 9001 2000 certification
at the U.A.E unit shows how far they have committed with the international
standards to satisfy their customers.
The opening of the second unit in India besides the U.A.E was to cater the
increasing demand of their products which was insufficient to the market
demands. Here they have the facilities of international standards which is
export oriented and located at the Cochin Special Economic Zone. They expect to
fulfill the demands of bulk orders in the Middle East and other parts of the
world with the starting of this new factory at Cochin which has already began
the mass production and export. With all the facilities, skilled manpower and
hi-tech machineries they expect a real boost in the overall production and
exports simultaneously from Dubai and Cochin to different parts of the world.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.39.56 |
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UK Pound |
1 |
Rs.81.39 |
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Euro |
1 |
Rs.58.04 |
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 |
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 |
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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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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