MIRA
INFORM REPORT
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Report Date : |
21.07.2007 |
IDENTIFICATION DETAILS
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Name : |
SULAKE EXPORTS |
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Registered Office : |
# 967/1, 2nd Floor, 2nd |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2002 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporter
of Iron
Ore & Iron Ore Fines, Rice, Pulses, Processed Food, Computers, Bio
Technology Products and Equipment, Frozen Chicken, Readymade Garments and
other varied products. |
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 : |
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 : |
# 967/1, 2nd Floor, 2nd |
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Tel. No.: |
91-80-32008623 / 32438003 |
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Mobile No.: |
91-9916598694 |
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E-Mail : |
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Website : |
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Area : |
5600 sq. ft. |
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Location : |
Owned |
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Branches : |
Mangalore, |
SOLE PROPRIETOR
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Name : |
Mr. B. Jaykumar |
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Designation : |
Proprietor [Export Manager] |
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Date of Birth/Age : |
40 Years |
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Qualification : |
Post Graduate |
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Experience : |
16-17 Years |
BUSINESS DETAILS
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Line of Business : |
Exporter
of Iron
Ore & Iron Ore Fines, Rice, Pulses, Processed Food, Computers, Bio
Technology Products and Equipment, Frozen Chicken, Readymade Garments and
other varied products. |
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Products : |
·
Iron ·
Rice ·
Pulses ·
Processed Food ·
Computers ·
Bio Technology Products and Equipment ·
Frozen Chicken ·
Readymade Garments such as T-shirts, Casual
Wear, etc. under Men's Wear, Women's Wear and Kids Wear ·
Agarbatties ·
Dhoop ·
Oodh |
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Exports : |
Garments - Pulses – Oodh - Pulses Computers – UAE and |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
470 [In office : 20; For Mining : 300; For other Production : 100; for
assistance : 50] |
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Bankers : |
Packing Credit
Bill Discounting |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
B. P. Sachin and Company Chartered Accountants |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 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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35.000 |
12.000 |
Expected Sales (2007-08) Above
Rs. 60.000 Millions
LOCAL AGENCY FURTHER INFORMATION
Trade Reference
- Dar Al
Maskukat – Saudi Aradia [Trading]
- M. N. International,
- Tring International Company, Hong Kong [Supply
AS PER WEBSITE
Profile
Subject has successfully redefined the paradigms of professional excellence. By the virtue of their synchronized and streamlined endeavors, they have grown considerably since their modest beginning in the year 2002. More than 4 years of expertise and excellence has helped them to set a high standard for their selves in the global arena. Their professionalism has further established them as the leading exporter of Iron Ore & Iron Ore Fines, Rice, Pulses, Processed Food, Computers, Bio Technology Products and Equipment, Frozen Chicken, Readymade Garments and other varied products. Thus, they have been a multi-faceted enterprise engaged in a vast spectrum of activities.
In accordance with
the international standards, their company constantly ventures to foray into
new markets and get familiar with as many commodities as possible, so as to
reach more clients. Every single product that the company exports, especially
to South East Asia and Middle East countries is fully reliable, in conformation
with international quality parameters. Moreover, they maintain high standards
of business ethics and work in accordance with applicable rules and
regulations. Apart from the specialization in producing bulk orders, they also
offer the customization of products as per the customers' requirements and
specifications. They deliver the products within the stipulated time frame,
exporting them to almost every part of the world centered around UAE,
Quality
Their adherence to stringent quality control measures, which conform to the
global standards has helped them to carve a niche for their selves in this
competitive business scenario. Their motto is to achieve maximum customer
satisfaction and follow the high standards of quality that they have set for
their selves. Their team of quality control inspectors monitors each and every
level of the manufacturing procedure, right from the procurement of the
products from reputed and well established manufacturers and vendors, till the
dispatch of the products to the customers.
Infrastructure
Their state-of-the-art infrastructure has enabled them to efficiently handle
various spheres that they are engaged into. The diligent and dedicated set of
professionals employed in Sulake Exports, is responsible for the gradual success of
this organization. The manufacturing unit providing a good work environment to
their proficient and experienced personnel has sustained their success in
prompt response to the market demands. They have modernized and spacious
warehousing facility at their disposal, capable to store products as per
changing requirements of the customers.
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.40.48 |
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1 |
Rs.82.59 |
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Euro |
1 |
Rs.55.55 |
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 |
6 |
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--PROFITABILIRY |
1~10 |
4 |
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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 |
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 |
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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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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