MIRA
INFORM REPORT
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Report Date : |
18.06.2007 |
IDENTIFICATION DETAILS
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Name : |
RAJ FISHEMEAL AND OIL COMPANY |
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Registered Office : |
3RD Cross, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1967 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of fish Meal, Fish oil and Fish Manure. |
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 32000 |
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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 an 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/Factory : |
3RD Cross, |
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Tel. No.: |
91-820-2537581 / 2538444 / 2537585 |
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Mobile No.: |
91-9845243833 / 9845496601 |
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Fax No.: |
91-820-2538248 |
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E-Mail : |
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Area : |
8 acres |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Pramod Madhwaraj |
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Designation : |
Proprietor |
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Experience : |
Family Business |
BUSINESS DETAILS
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Line of Business : |
Manufacturer and Exporter of fish Meal, Fish oil and Fish Manure. |
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Exports : |
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Countries : |
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Imports : |
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Products : |
Machinery |
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Countries : |
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Terms : |
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Selling : |
Terms of Export: L/C and Direct Local |
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Purchasing : |
Terms of Import: L/C Local Purchase: Credit (30 to 45 days) |
GENERAL INFORMATION
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Suppliers : |
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Customers : |
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No. of Employees : |
35 (25 Technical, 10 Other) |
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Bankers : |
Syndicate Bank, Malpe, Udupi |
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Facilities : |
Rs.10.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
M/s. Ganesh, Sudhir Associates Chartered Accountants |
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Address : |
Udupi |
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Memberships : |
Small industries Business Association |
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Associates/Subsidiaries : |
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CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.8.000 millions |
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Borrowed : |
- |
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Total : |
Rs.8.000 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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200.000 |
180.000 |
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Profit/Loss for the year |
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Around 10 to 15% |
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Export Value |
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50.000 |
40.000 |
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Import Value |
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15.000 |
10.000 |
LOCAL AGENCY FURTHER INFORMATION
Average Value of
inventories at any given time: Rs.50.000 millions
Production
Capacity: per day amounts to around 40 to
50 MT of Fish Meal and about 8 MT of Fish Oil
Company Details:
Subject situated in the West
Coast of India, are the pioneer and largest producers of Fish Meal and Fish Oil. Their
production capacity is 40 tons of fish meal and about 6 tons of fish oil per
day. They also have a well-equipped nutrition laboratory. They believe success
in business is built on relationships that are founded on trust. It works
because of clear communication and coordination of action, supported by
technology.
West Coast of India is bestowed with vast resources of pelagic fishes mainly
Mackerels and Sradines. Fishing season in West Coast is for about 10 months in
a year. The company is aimed to efficiently utilize the maximum extent of
catches of Sardines in the West Coast.
Estimation of Chemical Composition
Daily samples are collected from the raw materials, intermediate product and
finished products and its composition are estimated in their lab. They also
send samples to SGS,
Their
Fish Meal
Fish Meal is distinguished from
other protein meals by the higher content of easily digestible protein, higher
content of minerals and vitamins, almost all necessary trace elements and
essential amino acids including lysine, tryptophane, mythonine and others. Fish
Meal is one of the best sources for the digestible protein generally 1 kg of
fish meal contains atleast 535 grams digestible proteins.
Fish Meal contains
unidentified Animal Protein Factor (APF) necessary for the assimilation of Vegetable
Protein and Vitamin B. APF strongly influences the growth and productivity of
cattle, poultry, fish and shrimps. Fish Meal is a good catalyst in biochemical
process and promotes digestion. Vitamin B level in the fish meal is several
times higher than the meal cum bone meal and cereals. Fish Meal contains
calcium, phosphate, potassium, sodium, iron, magnesium, chemically bound
copper, manganese and iodine.
Fish Oil
Fish Fat is distinct from the other animal and vegetable fat. Fish fat contains
a large quantity of unsaturated fatty acids, higher iodine numbers and
particularly value for their high content of Vitamin A and D, than the animal
and vegetable fat. It is also rich in OMEGA-3. Fish Oil is mostly used as ingredients in human foods and animal
feeds because of its high nutritional value. High unsaturation of fish oil is
more useful in various industries: medicinal, soap industries, tanneries and
fat liquor; also used in sealants, paints, printing ink and insecticide;
coatings on wood, steel, fiber and concrete.
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.40.76 |
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1 |
Rs.80.67 |
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Euro |
1 |
Rs.54.58 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
8 |
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PAID-UP CAPITAL |
1~10 |
6 |
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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 |
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 |
YES |
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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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51 |
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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