MIRA
INFORM REPORT
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Report Date : |
12.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
EURO
TRADING CORPORATION |
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Registered Office : |
Street
No. 32, 4th Street, Abiramapuram, Chennai – 600018, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2005 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole
Proprietory Concern |
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Line of Business : |
The
company is engaged in the trading, importing and exporting of Cement, Sugar
and Urea |
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
200000 |
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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 records. Trade
relations are 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 : |
Street
No. 32, 4th Street, Abiramapuram, Chennai – 600018, Tamilnadu,
India |
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Tel. No.: |
91-44-24984628
/ 24984665 / 24984578 |
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Mobile No.: |
91-9840076150
– Venkaraman Ganeshh 91-9380076152
– Mr. Mohan Raman |
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Fax No.: |
91-44-24984628 |
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E-Mail : |
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Branch office |
Unit
1, Annerly Road, QLD 102, Australia |
SOLE PROPRIETOR
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Name : |
Mr.
Venkaraman Ganeshh |
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Designation : |
Proprietor
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BUSINESS DETAILS
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Line of Business : |
The
company is engaged in the trading, importing and exporting of Cement, Sugar
and Urea |
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Products : |
Cement,
Sugar and Urea |
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Imports from : |
Brazil,
Taiwan and China |
GENERAL
INFORMATION
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No. of Employees : |
4 |
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Bankers : |
Confidential
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Banking Relations : |
-- |
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Associates : |
Runnersitec
Private Limited Brahmalaya
Overseas Trading Corporation |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 50.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.
50.000 Millions |
FINANCIAL DATA
[all figures are in Rupees
Millions]
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Particulars |
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31.03.2005 |
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Sales Turnover |
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200.000 |
LOCAL AGENCY
FURTHER INFORMATION
They are
basically traders. They are in the process of registering their company in
Chennai. The Managing Director Mr. Venkatram Ganeshh is a multi faceted man.
Euro Trading corporation was formed in 2004 to handle imports of Sugar, Cement
and Urea. The company is already in
operation in Dubai, Australia, Singapore and this facilitates their import export
functions. Apart form imports, exports they are also into commercial financing.
The
coampny is called Runnersitec Private Limited registered in Chennai. They are
in business to provide working capital for companies when they need it most.
Liquidity is normally required by companies either during peak cash
requirements periods or to increase sales for the business. If any company
received new orders but cash is tied up in their stock, they are in the danger
of losing the order thought lack of liquidity. It is difficult to increase
sales without the availability of extra cash.
They
provide an easy way to improve the company’s cash flow. They provide cash in the quickest and most
efficient manner possible. From application to draw down takes an average of 10
days. The types of facilities they offer are
Types of
facilities
Inventory
finance
Debtors
finance
Import
finance
Export
finance
A short
write up on their sister concern
Runnersitec
Private Limited
Introduction
Runners
I-Tech Private Limited introduced
itself to the business community in 1989. within one year our innovative
approach to corporate finance had established an unshakeable foundation upon
which the company has able to develop
into a keen contributor of trade finance throughout the world.
The
phenomenal growth of the company is tribute enough to their formula for
success. The formula was a simple one to provide funds for corporate use
without the need for tangible
security. The result was a nation-wide demand for their facilities, and that
demand is unabated as a decade unfolds.
For
successful companies whose focus is a growth, obtaining business finance which is precisely in tune now progressive
companies can look to their company for additional working capital to plan
their future with confidence.
The
company
In the
hi-tech. high speed arena of corporate finance, it is essential to utilise and
combine the best available professional personnel with the most up-to-date
elections technology available. This is
their philosophy. There is a dynamic business, all aspects of which are subject
to diligent monitoring and supervision. This ensures a continually updated
stream of information being made available to the decision makers.
They
have a good working relationship with all their clients and are fortunate to
have a comprehensive management team who provide a personal services. That
personal involvement ensures that they reach optimum efficiency throughout
without compromise, a claim that very few originations can make.
Communication
Their
marketing consultants are available via the office throughout their working
day. All of their key decision.
Development
Forever
looking rewards new horizons and continually expanding their market they never
cease to offer opportunity to companies who can benefit from their service.
Their growth and their strength are matter of records year they still have a
substantial untapped potential clientele throughout the world.
Flexibility
Having
recognised that may business are restrained from achieving their full profit potential
due to insufficient funding, they provide the answer by supplying additional
working capital that will grow in line with the sales. Most companies at some
stage may face able to finance the extra investment in stock.
Service
They are
in business to provide working capital for companies then they need it most.
Liquidity is normally requited by companies either during peak cash requirement
period or to increase sales for the business. If the company receives new
orders but cash tied up in the stock, it may lose the order thought lack of
liquidity.
Types of
facility
Inventory
finance
Debtors
finance
Import
finance
Export
finance
Achievements
Should
perhaps their achievement be listed in relation to the companies which have
benefited form associating with them ? if this be so then the list is
impressive in the extreme, from modest companies to large companies with
turnovers of over 500 million USD all have used their facilities which in turn
has aided their expansion and success.
A
remarkable about turn from the trend of extended credit which was prevalent
during the early 1989s.
How dies
this work ?
On
receipt of the application and having assessed the credit rating of the company
a facility will be offered. Finance
against the stock which you need to export will be provided. Alternatively they
will provide a Debtor finance facility.
The
advantages
Costs
are always known in advance.
The
ongoing banking facilities are released.
The bank
will take comfort from eh renewed strength.
Suppliers
are paid on time.
Extra
discount may be available from the supplier for immediate payment.
Ability
to draw down with in 7 days.
Import
finance facility
Having
accepted as their client a letter of credit facility will be offered. You are
then free to request them to open the letter of credit to the suppliers within
the facility limit. Upon receipt of the confirmation of order they will open a
letter of credit with the supplier. Sight or team payment is available.
The
advantages
The
ongoing banking facilities are released.
The bank
will take comfort from eh renewed strength.
Suppliers
are assured of payment and view more favourable.
A
facility will be designed to suit the requirement.
Debtor
finance facility
This is
a unique method of funding debtors which provides immediate access to working
capital. City will buy the goods and resell them to the designated customer.
The cost
This
will depend on the quality and credibility of the customers. The service charge
for each transaction starts at 1 % plus the agreed interest charges for the
duration of the credit days.
Legal
service
They
will provide free legal debt collection advice
Advantages
Only
finance those debtors which are requited for the working capital or cash flow.
Do not
have to pay factoring charges on the whole turnover
Tangible
security may not be required.
They
provide complete confidentiality.
It is
quick and simple to use trade finance during peak or seasonal periods.
You have
control of the assets by not tying them to a bank.
More
cash is available to obtain better discount form creditors.
Improved
cash flow without the need for bank finance.
Runners
I-Tec (Private) Limited
19, 3rd
Street, Gopalapuram, Chennai – 600086, South India
Tel No.:
91-44-28117140 / 28111068 / 28110815
Fax No.:
91-44-28111479
Email : runners@vsnl.com / runnersitec@vsnl.com
Office
at UAE
Runners
I-Tec. Private Limited
R K
Office
RAK free
Trade Zone, P O Box, 10559, Ras Al Khaimah
Tel No.:
971-72280889
Fax No.:
971-72280859
Email runners@emirates.net.ae
Dubai
office
Twin
Towers, Suit No 217 /6, 2nd Floor, Diera, Dubai, UAE
Tel No.:
9714-2273332
Fax No:
9714-2272131
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.44.56 |
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UK
Pound |
1 |
Rs.86.16 |
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Euro |
1 |
Rs.57.76 |
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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