MIRA
INFORM REPORT
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Report Date : |
14.06.2007 |
IDENTIFICATION DETAILS
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Name : |
NEHAL LEATHER WORKS |
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Registered Office : |
39 – Kailash Nagar, Jajmau, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
January 2006 |
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IEC No.: |
0605018413 |
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Legal Form : |
Sole Proprietorship Concern |
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Line of Business : |
Manufacturer, Exporter and Trader of all Kinds of Leather String/ Cord |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 25000 |
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Status : |
Small Concern |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject us a relatively small concern having satisfactory track
records. Proprietor is reported as experienced and respectable businessman. Trade
reported as fair. Business is active. Payments are however reported as
usually correct and as per commitments. The concern can be considered for small business dealing at usual
trade and conditions |
LOCATIONS
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Registered / Factory Office: |
39 – Kailash Nagar, Jajmau, |
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Tel. No.: |
91-512-2462643 |
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Mobile No.: |
91-9336212800 |
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Fax No.: |
91-512-2423601 |
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E-Mail : |
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Area : |
625sq.fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Nehal Siddiqui |
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Designation : |
Proprietor |
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Date of Birth/Age : |
27 Years |
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Qualification : |
Post Graduate, MBA |
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Experience : |
5 Years |
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Name : |
Mr. Asif Nehal |
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Designation : |
Proprietor |
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Address : |
39, Kailash Nagar, Jajmau, |
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Date of Birth/Age : |
27 Years |
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Qualification : |
MBA |
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Experience : |
5 Years |
KEY EXECUTIVES
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Name : |
Mr.Aasif Nehal |
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Designation : |
Chief Executive |
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Address : |
39 – Kailash Nagar, Jajmu, |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Trader of all Kinds of Leather String/ Cord |
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Products : |
Safflary, Leather cords |
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Exports : |
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Products : |
Sadllary, Leather cords |
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Countries : |
Europe ( |
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Terms : |
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Selling : |
Letter of Credit, Credit and Cash, Advance |
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Purchasing : |
Letter of Credit, Credit and Sight |
GENERAL INFORMATION
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Customers : |
Local Customers, End Users |
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No. of Employees : |
129 (4 Office, 45 Factory, 80 Branch) |
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Bankers : |
Punjab National Bank, |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Sunil Dixit Chartered Accountants |
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Address : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs 4.000 million |
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Borrowed : |
- |
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Total : |
Rs 4.000 million |
FINANCIAL DATA
[all figures are
in Rupees Millions]
Expected Sales (2006-07): Rs.7.600 millions
Export Earrings: USD 250000
LOCAL AGENCY FURTHER INFORMATION
Trade References_
UKAL –
LEDESON –
Company Profile:
They produce complete range of horse riding items and today it is
recognized as a quality based unit. They are capable of undertaking and producing
any number of bulk supply orders at affordable process stipulated time.
Subject have own production unit in
Other than leather cords, they also deal in all kinds of wax cords.
Cords:
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Round leather cords
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Sued leather cords
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Bolo cords
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Braided leather cords
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All type of wax cord
Category: Horse
Racing
Key products and services: saddlery, dog and pet items, leather jewelry,
leather belts and wallets
They can make any type of leather cords and wax cords in any size or
color provided by us,
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.40.57 |
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1 |
Rs.50.97 |
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Euro |
1 |
Rs.55.19 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
4 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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26 |
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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