MIRA
INFORM REPORT
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Report Date : |
28.06.2007 |
IDENTIFICATION DETAILS
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Name : |
AQSA INTERNATIONAL |
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Registered Office : |
No.1105/A6, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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TAN No.: [Tax
Deduction & Collection Account No.] |
CHEA11281E |
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PAN No.: [Permanent
Account No.] |
AAKF2750R |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Finished Leather- Wet Blue and
Exporters of Finished Leather (After Dyeing colour to the raw skin leathers)
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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 : |
-- |
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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 businessmen. 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 : |
No.1105/A6, |
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Tel. No.: |
91-4174-228501/ 256455 |
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Mobile No.: |
9443328501 |
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Fax No.: |
91-4174-226311 |
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E-Mail : |
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Area : |
350 Sq.ft. (Owned) |
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Factory 1 : |
No.1105/A6, |
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Tel. No.: |
91-4174-228501 |
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E-Mail : |
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Area : |
2000 Sq.ft. (Owned) |
SOLE PROPRIETOR
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Name : |
Mr. K Akbar Basha |
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Designation : |
Proprietor |
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Address : |
No.63, |
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Date of Birth/Age : |
29 years |
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Qualification : |
SSC |
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Experience : |
4 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Finished Leather- Wet Blue and
Exporters of Finished Leather (After Dyeing colour to the raw skin leathers). |
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Products : |
v
Suede Leather v
Nappa Leather v
Gloves Leather v
Nubuck Leather v
Cabretta Leather v
Leather Lining v
Aniline Leather v
Drum Dyed Leather v
Waxy Leather v
Shoe Upper Leather v
Light Fastness Leather v
Sheep Finished Leather v
Goat Finished Leather v
Resin Leather v Chrome free Leather, Phenol and Formaldehyde free Leather |
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Exports : |
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Products : |
Finished Leather |
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Countries : |
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Terms : |
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Selling : |
L/C |
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Purchasing : |
Cash and Credit (Raw Skins from Local Vaniyambadi areas ( |
PRODUCTION STATUS
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Particulars |
Unit |
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Actual
Production |
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Finished Leather |
Pieces |
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10000 per day |
GENERAL INFORMATION
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Customers : |
Manufactures and Exporters |
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No. of Employees : |
37 (In Office : 7 and in Factory : 30) |
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Bankers : |
ABN Amro Bank |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Pari Chartered Accountants |
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Address : |
Vaniyambadi, |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Not Available |
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Borrowed : |
Not Available |
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Total : |
Not Available |
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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150.000 |
125.000 |
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Profit/Loss for the year |
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15% of Total
Turnover |
15% of Total
Turnover |
LOCAL AGENCY FURTHER INFORMATION
Trade References :
Sub Contractors is given to the local in Vaniyambadi areas and also
selling in Chennai – Periamet to the wholesalers.
Observation Points :
Name Board : Low Sighted
Land Mark : Near to the Vaniyambadi Railway
Station and also near to the
No of Employees : 3 persons
Office Appearance : Fair
Website Details :
Established in 2000, subject is one of the front line manufacturer and exporter
of finished leather aniline leather, gloves leather, suede leather, cabretta
leather, etc. The company is run by a group of professionals who share a vision
about the company's progress and are dedicated towards manufacturing quality
products. The company, which has a considerable size of business share in the
leather industry, is now synonymous to better quality at an affordable price.
At subject, their products are known for durability and superior quality. Range
of finished leather are available in various designs and patterns. They
endeavor to make their customers happy. They have a passion for quality and an
insatiable quest for perfection. They are well appreciated for innovative and
creative designs and styles. They have broadened their horizon by importing
various materials like raw pickles, chemicals and machineries for the domestic
market.
They boast of a sound and comprehensive infrastructure. For the manufacturing
activities, they have a well-equipped factory. Their talented workforce
consists of skilled experts, technicians and dedicated workers. They work very
hard to create aesthetic, pleasing, functional and sturdy leather products.
They are aware of the know-how for leather tanning, so that their leather
products last long.
For them, quality is necessary not just to attract new customers but
also to retain their high reputation in market. Their products are made of best
quality materials available in the market. The products are checked at every
level of production to ensure flawlessness and complete customer satisfaction.
They set all the international standards of quality under stringent measures.
For them quality is top priority and they always work hard to raise the quality
without tampering the prices.
Their clientele includes some of the most reputed and trustworthy customers 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.40.84 |
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1 |
Rs.81.81 |
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Euro |
1 |
Rs.55.03 |
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 |
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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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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