MIRA
INFORM REPORT
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Report Date : |
06.07.2007 |
IDENTIFICATION DETAILS
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Name : |
MASTER EXPORT |
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Registered Office : |
Sahyog Market, Sakar Bazar, Kalupur, Ahmedabad – 380 002, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1984 |
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CIN No.: [Company
Identification No.] |
U51909GJ1993PTC020086 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of cotton shirting, Suiting, Sarees,
Scarves, Pareos and Dress Materials. |
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 10000 |
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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 businessman.
Trade relations are reported as fair. Business is active. 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 : |
Sahyog Market, Sakar Bazar, Kalupur, Ahmedabad, Gujarat – 380 002, |
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Tel. No.: |
91-79-65469977 / 32957151 /65136959 |
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Fax No.: |
91-79-22171185 / 22174404 |
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E-Mail : |
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Website : |
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Location : |
Owned |
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Factory 1 : |
Changodar Estate, |
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Location : |
Owned |
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Warehouse: |
Narol, Chagodar, Sarangpur
(Total 6) |
SOLE PROPRIETOR
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Name : |
Mr. Aakash Vora |
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Designation : |
Proprietor |
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Date of Birth/Age : |
23 Years |
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Qualification : |
Graduate |
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Experience : |
5 Years |
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Date of Appointment : |
2002 |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of cotton shirting, Suiting, Sarees,
Scarves, Pareos and Dress Materials. |
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Products : |
Cotton shirting, Suiting, Sarees, Scarves, Pareos and Dress Materials |
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Exports : |
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Products : |
Cotton shirting, Suiting, Sarees, Scarves, Pareos and Dress Materials |
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Countries : |
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Terms : |
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Selling : |
Against documents |
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Purchasing : |
Credit of 30 and 45 days |
GENERAL INFORMATION
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Customers : |
Wholesalers and Semi- Wholsalers |
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No. of Employees : |
10 |
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Bankers : |
Central Bank Bank of |
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Banking
Relations : |
Satisfactory |
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Memberships : |
FIFO, SRTEPC |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions |
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Borrowed : |
-- |
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Total : |
Rs. 2.500 millions |
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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40.000 |
35.000 |
Expected Sales (2007-08) : Rs. 45.000 millions
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
- AL-DAR
Trading Company,
- Kamdar, KDN
and BDH, Kaula lanupur (
AS PER WEBSITE DETAILS:
About Them
Subject is a trading company
which is one of the highly recognized and leading manufacturer, exporter,
supplier of exclusive range of Sarees,
Dress Materials, Scarves, Pareos, Cotton Suiting and Shirtings. They are
a globally renowned enterprise having dominant position in the market. The
excellent quality and versatile range of all products have provided them a
reputed position among their esteemed clients. They are preferred by the
customers in the market due to high standard packaging of the products, their
timely delivery and prompt after sales service. Their policy is to win the
trust and satisfaction of the clients by supplying them superior quality
products at competitive prices.
Quality
Quality
is of paramount importance to them. Their products meet all the international
standards of quality and their competitors find it hard to match their level of
standards. Their quality checking department regularly conduct inspection to
check various aspects of quality like texture, fabrics, colors etc. They
concentrate highly on quality so that the customers get complete satisfaction.
Infrastructure
They have a team of skilled designers, creative artisans, craftsmen and
dedicated workers. Their production unit is well-equipped with different kind
of machines from stitching, cutting and finishing. The products are properly
checked at different levels, right from the selection of raw material to the
dispatch of finished goods. They have the potential to manufacture Sarees and Dress Materials in bulk at
affordable 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.40.46 |
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1 |
Rs.81.55 |
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Euro |
1 |
Rs.55.09 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--OTHER MERIT FACTORS |
YES/NO |
YES |
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TOTAL |
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48 |
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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