MIRA
INFORM REPORT
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Report Date : |
09.06.2007 |
IDENTIFICATION DETAILS
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Name : |
GLOBAL TAX FREE TRADERS INC |
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Registered Office : |
87, Sainik Farms, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1996 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
DELG08063G |
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PAN No.: [Permanent
Account No.] |
AAAFM7836J |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the partners. |
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Line of Business : |
Importers and Sellers of Wines, Spirits and Hard Drinks |
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 12000 |
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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 an established concern having satisfactory track records.
Partners are reported as experienced, respectable and resourceful businessmen.
Their trade relations are reported as fair. Payments are usually correct and
as per commitments. Your proposed business dealings can be considered against D/A or D/P
terms, suggested. |
LOCATIONS
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Registered Office : |
87, Sainik Farms, |
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Tel. No.: |
91-11-29551039 / 29551375 / 55679222 / 55679333 |
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Fax No.: |
91-11-29551683 / 29552574 |
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E-Mail : |
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Website : |
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Area : |
2600sq,fts |
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Location : |
Owned |
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Warehouse : |
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Area : |
5000sq.fts |
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Location : |
Owned by partners but given on rent to the concern. |
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PARTNERS
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Name : |
Mrs. Anu Mehra |
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Designation : |
Partner |
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Name : |
Mr. Adil Mehra |
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Designation : |
Partner |
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Date of Birth/Age : |
23 Years |
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Qualification : |
Graduate |
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Experience : |
3 Years |
KEY EXECUTIVES
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Name : |
Mr. Mukul Mehra |
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Designation : |
Chief Executive |
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Date of Birth/Age : |
52 Years |
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Qualification : |
Graduate |
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Experience : |
30 Years |
BUSINESS DETAILS
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Line of Business : |
Importers and Sellers of Wines, Spirits and Hard Drinks |
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Imports : |
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Countries : |
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Terms : |
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Purchasing : |
L/C, D/A, DP |
GENERAL INFORMATION
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Customers : |
Wholesalers, Hotel Industry, Embassies, Restaurants, Clubs and Retail |
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No. of Employees : |
28 |
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Bankers : |
Canara Bank 242, Kaisons House, Chandni Chowk, |
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Facilities : |
The concern does not enjoy any facility from its banker. |
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Banking
Relations : |
Satisfactory |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.000 millions |
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Borrowed : |
- |
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Total : |
Rs.3.000 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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120.000 |
90.000 |
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Expected Sales (2008) : Rs.160.000 millions
LOCAL AGENCY FURTHER INFORMATION
The Concern is in
Trade Terms with the following:
o
Bacardi Martinee India Private Limited,
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o
William and Grunt Sons,
Company Profile:
Subject was started in 1996 by
Mrs. & Mr. Mukul Mehra. Having its roots deep back into the Liquor
industry, they feel proud to complete 100 years in the same business. Founded
in 1905 by Lala Anant Ram Mehra and was then continued forward by Mr. Mohan Lal
Mehra and further on by Mr. Mahabir Lal Mehra at present, they feel happy to
introduce Mr. Adil Mehra, who is the fifth generation. With God’s grace and the
hard work going on for generations they would like to make Global Tax Free
Traders Inc reach the peaks of liquor and wine distribution in
They have a storage capacity of
US$ 1.35 Million (CIF Value) - 40,000 Cases. Also, there is a temperature
controlled warehouse for the wines, an insulated thermocol false ceiling to
doubly protect the wines. They have an efficient logistics team to make sure
that all goods are delivered on time to the customers. All supplies in
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.40.98 |
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1 |
Rs.80.98 |
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Euro |
1 |
Rs.54.99 |
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 |
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 |
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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