MIRA
INFORM REPORT
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Report Date : |
18.12.2007 |
IDENTIFICATION
DETAILS
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Name : |
EAST ASIA TRADING |
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Registered Office : |
1st Floor, 50 Manish Market, Mata Ramabai Ambedkar Marg
(Palton Road), Mumbai – 400 001, Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1979 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
MUME06415D |
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PAN No.: [Permanent
Account No.] |
AABFE0627Q |
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Legal Form : |
Partnership concern with an Unlimited Liability of the partners. |
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Line of Business : |
Importer and Exporter of fresh fruits and vegetables. |
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 reported as 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
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Registered Office : |
1st Floor, 50 Manish Market, Mata Ramabai Ambedkar Marg
(Palton Road), Mumbai – 400 001, Maharashtra, India |
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Tel. No.: |
91-22-22641122 |
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Fax No.: |
91-22-22618547 |
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E-Mail : |
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Website : |
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Area : |
2000 sq.fts |
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Location : |
Owned |
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Pack House : |
Vashi |
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Area : |
2500 sq.fts approximately |
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Location : |
Owned |
PARTNERS
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Name : |
Mr. A K Moosa |
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Designation : |
Partner |
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Date of Birth/Age : |
65 years |
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Qualification : |
Under Graduate |
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Experience : |
30 years |
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Name : |
Mr. Siddique |
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Designation : |
Partner |
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Date of Birth/Age : |
33 years |
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Qualification : |
Under Graduate |
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Experience : |
15 years |
BUSINESS DETAILS
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Line of Business : |
Importer and Exporter of fresh fruits and vegetables. |
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Exports : |
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Products : |
All products |
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Countries : |
Middle East, Europe, UK |
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Terms : |
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Selling : |
L/C, Cash, Credit (60 Days) |
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Purchasing : |
L/C, Cash, Credit (60 Days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
Around 40 |
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Bankers : |
Central Bank of India Address: Fort Branch |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Samrat Impex Address: Palton Road, Mumbai Activity: Exporter and Importer of fruits and vegetables. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 millions
(approximately) |
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Borrowed : |
---- |
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Total : |
Rs. 5.000 millions
(approximately) |
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 (approximately) |
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150.000 |
150.000 |
Expected Sales (2007-08): Rs. 200.000 millions
LOCAL AGENCY
FURTHER INFORMATION
TRADE REFERENCES:
· Falcon Global
WEBSITE DETAILS:
Subject is one of the Reputed Exporters and Importers of Fresh Fruits and Vegetables from India for more than two decades.
With total exposure of many years they feel that their experience should pave enough confidence in the reputed organizations for desired goal of quality, consistency and reliability of the product.
They are constantly striving towards customer satisfaction through in house R and D (Research and Development).
They export for the perusal.
The management of
fruit quality is of utmost importance to the concern, as these enables the
Group to export its brands with confidence to the most discerning customers
worldwide.
In compliance with
India's strict export standards, their own inspectors and Perishable Products
Export Control Board meticulously check all of their fruits and vegetables.
With their
'in-depth' experience of seasonal and regional climatic variations, they are
well qualified to select only top quality export varieties from each area in
accordance with international timing requirements.
Working closely
with individual farms, their agricultural and market specialists advise on the
optimum picking times, quality and packing requirements of their clients'
countries. This ensures that the correct product arrives at markets in the best
condition, at the correct times.
Packaging is
designed to:
·
Offer maximum protection to their fruit.
·
Transport their fruit in the most freight-efficient
manner
·
Enable impactful merchandising at retail level
Their experts oversee
every aspect of the packhouse process from the moment of the product's arrival
until it is loaded into the Air craft or container.
Because they place
great emphasis on pack shed standards they are involved in every stage of the
utilisation of correct washing procedures, quality and class packing,
palletisation, correct labelling and internal/external quality control checks.
This guarantees
that each market receives each consignment packed and labelled correctly, so
that the consumer can enjoy their quality fruit as fresh as possible.
India is renowned
internationally for its rich fruit farming areas and wide range of quality
fresh produce. The diversity and relative consistency of its climates from
temperate to tropical and sub-tropical enables India to provide a reliable
supply of a wide range of citrus, deciduous, stone fruit, sub-tropical and
exotic fruits throughout the year.
Strategically
located in Mumbai (Bombay), one of the largest Fruits and Vegetables marketing
centres of India.
Their Products has
over 20 years' experience and success in international trading, procuring and
exporting of perishable food products.
Some of the most
popular fruits exported are Mango, Banana,
Chikoo,
Custard Apples, Grapes,
Jujube,
Papaya,
Pomergranate.
Vegetables
Subject has been a leader
in the export of quality fresh vegetables to a growing world for twenty years.
Retailers, importers, wholesalers and distributors in more than 40 countries
appreciate subject reliable service, and attention to details. Their
professional sales and field staff work together to find the finest produce
that meets their customer's specific requirement for quality, condition and
price.
Subject is unique in having its own dedicated staff and facilities to handle
mixed shipments of produce for air and sea freight shipments. They specialize
in handling mixed loads of produce for airfreight shipments. Produce is
carefully selected, inspected and loaded by their own staff.
Some of the most
popular vegetables exported are:
French Bean :
A practical slim podded variety, favoured by gourmet restaurants because
they are the tasty, tender and needs no slicing and other preparations, hence
there is no loss of flavour. Beans can be picked at 9cm (4in) in bunches, but
can be left to grow to attain maturity at 15-18cm (6-7in) when it will still be
stringless and relatively slender (approx. 5/16 to 3/8in thick) in comparison
with most varieties. It is always best to pick pods on the young side when
flavour and tenderness are at their best.
Okra:
Indian okra, also called 'Ladyfinger' and 'Bhindi' in Hindi. Indian
variety of Okra has become very popular in markets for its high quality. Plants
are medium tall, vigorous and prolific. Pods are thin, and very tender.
Okra is a rich source of many nutrients, including fiber, vitamin B6 and folic acid.
Packing: Packed in
corrugated boxes of 5kgs to 10 Kgs.each as per requirement.
Mode of Transport:
By Air
Brinjal or Baby Egg Plant:
Small egg plants
are only about 30 grams (1 Oz.) in weight with bright red puple color. High
quality fruits are very popular for making various stuffed food in India and
Southern Asia.
Packing: packed in
corrugated boxes of 5 Kg to 10 Kg. as per requirement. This is a typical
variety of Indian Bitter Gourds and is very popular for Indian cuisines. A
unique appearance of Indian Bitter Gourds is teeth on the fruit skin. This
variety produces long green skin fruits, 8-12 inches in length and about 1/4
Lb. in weight. The plant grows vigorously in warm climates and bears lot of
fruits for a long time.
Bitter Gourd:
Bitter Gourd has
excellent medicinal virtues. It is antidotal, antipyretic tonic, appetizing,
stomachic, antibilious and laxative. The bitter Gourd is also used in native
medicines of Asia and Africa.
Packing: packed in
corrugated boxes of 5 Kg to 10 Kg. as per requirement.
Mode of Transport:
By Air
A long and curved
fruits that appear like snakes hanging on the supports or ground. This
subtropical plant grows very fast in warm climates.
Packing: packed in
corrugated boxes of 5 Kg to 10 Kg. as per requirement.
Mode of Transport:
By Air
Chilly:
Chilli is a
tropical and sub-tropical crop grown all over the country in India. India has
the advantage of producing about 40 varieties of chillies possessing different range
of pungency, colour, size and shape
Packing: packed in
corrugated boxes of 5 Kg to 10 Kg. as per requirement.
Mode of Transport:
By Air
Various types are
available depending upon their appearances i.e bottle shaped, trumpet shaped etc.
The fruits are large and come in different shapes with numerous long white
seeds.
Packing: packed in
corrugated boxes of 5 Kg to 10 Kg. as per requirement.
Mode of Tranport:
By Air
Cabbage:
Cabbage is one of
the oldest vegetable cultivated in the world, believed to be since 2500 BC by
Greeks and Romans. In India, it was introduced by the Moghuls and popularised
by the the British. Cabbage is mostly grown as a winter crop in the plains in
India.
Packing: In
corrugated boxes and are exported by airfreight or sea freight.
Mode of Transport:
By Air or sea
Its sensoric
quality is fresh and pleasant, remotely reminiscent of tangerines. The origin
of this plant is in Southern India and Sri Lanka
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.39.57 |
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UK Pound |
1 |
Rs.78.93 |
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Euro |
1 |
Rs.56.85 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
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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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
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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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