MIRA
INFORM REPORT
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Report Date : |
10.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
ORIENT EXPRESS |
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Registered Office : |
26/B, Jawaharlal Nehru Salai, Ekkaduthangal, Chennai – 600097,
Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
1993 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturers and Exporters of Sheep Leather, Buff Leather, Other Leathers,
Goat Leather, Leather Jackets [Gents], Leather Jackets [Ladies], Children
Garments, Other Leather Goods and Portfolic / briefcases. |
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 200000 |
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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 : |
26/B, Jawaharlal Nehru Salai, Ekkaduthangal, Chennai – 600097,
Tamilnadu, India |
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Tel. No.: |
91-44-22253513 / 22250868 |
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Fax No.: |
91-44-22253836 |
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E-Mail : |
orientex@eth.net |
SOLE PROPRIETOR
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Name : |
Mr. Mohan M. Sreenivas |
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Designation : |
Proprietor |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Sheep Leather, Buff Leather, Other
Leathers, Goat Leather, Leather Jackets [Gents], Leather Jackets [Ladies],
Children Garments, Other Leather Goods and Portfolic / briefcases. |
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Exports : |
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Products : |
Sheep Leather, Buff Leather, Other Leathers, Goat Leather, Leather
Jackets [Gents], Leather Jackets [Ladies], Children Garments, Other Leather
Goods and Portfolic / briefcases |
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Countries : |
Sweden, Norway, Denmark, Belgium, Germany, France and Italy |
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Imports : |
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Products : |
Raw Materials, Machinery, Chemicals and Accessories |
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Countries : |
Italy, Germany, Korea, China and Singapore |
GENERAL
INFORMATION
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No. of Employees : |
310 |
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Bankers : |
State Bank of India Leather International Branch Periamet Chennai |
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Banking
Relations : |
Satisfactory |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 50.000 millions |
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Borrowed : |
-- |
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Total : |
Rs. 50.000 millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2006 |
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Sales Turnover |
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200.000 |
LOCAL AGENCY
FURTHER INFORMATION
A firm founded in 1993 by Mr. Mohan M. Sreenivas. This firm is engaged in the manufacture of
leather garments. He is the Hony
Secretary of the All India Skin & Hide Tanners & Merchants Association
Leather Centre
53, Raja Muthiah Road, Periamet, Chennai – 600003, Tamilnadu
PARTICIPATED IN :
Event / Project : India Leather Show, Madrid, Spain, March 2-3, 2005
MAI Grant availed by the Council : Rs. 4.016 millions
Member Companies
who participated in the Event and were the beneficiaries of the MAI assistance
:
Orient Express, Chennai
As per the erstwhile MAI scheme guidelines, MAI assistance was provided
to exporters were to :
- Setting up of
Inhouse Design Studio facilities by individual exporters under the head
Research & Product Development
- Opening of
Showrooms / Warehouse by individual exporters
- The detailed
scheme guidelines are given below
Research & Product
Development :
Selected exporters / Export Promotion Councils [EPCs] / Trade Promotion
Organization [TPO] would be assisted in modernizing and upgrading the
identified products as per needs of the targeted markets on country – product
focus basis as component of the approved project under the scheme. Strategic alliances with local marketing
networks can also be taken with a view to targeting and upgrading the products
as per need of the targeted markets and for establishing marketing links.
Level of Assistance
: 25% of the approved cost and the balance 75% would be borne by the concerned
exporters
Mr. Mohan M.
Srineevas was a member of the forum on CNN – IBN show called Emerging India
EMERGING INDIA –
CHENNAI
The Chennai forum held on August 25th 2004. This interactive forum drew both applause
and flak from the audience comprising of prominent representatives of diverse
Small & Medium Enterprises Group – ICICI Bank Limited, Mr. Mohan Sreenivas
– Managing Director, Orient Express, M. G. Ravishankar – CEO, Cris Infac –
CRISIL Limited, Mr. R. Ravi – CEO, Electromags, Mr. K. Vishwanathan – Managing
Director, RMKV Silks, Mr. N. Nagesh – CFO Nekkanti Marine Exports, Hyderabad
Representatives from the leather industry, agriculture and power sector
found the Emerging India forum a fitting platform to vent out their specific
grievances relevant to the unfavourable labour laws, the need for human
resource development, prevalent high tariffs as well as able IT requirements to
catch up with global markets. The
spotlight was also on the great export and retail potential for SMEs in
India. Representatives from auto
ancillary, leather exports, marine exports and textiles discussed ways and
means to cash in on the great Indian outsourcing boom and the resulting unlimited
market opportunities. The forum drew to
an end with a consensus that a lot more still had to be done to realize the
full potential of SMEs in India.
Orient Express is
participating in the following buyer seller meet at Europe – see details below :
Buyer Seller meets
for Leather and Leather Products
in
Belgium, Denmark,
Sweden and Finland
March 26 – April
05, 2007
THE BUYER SELLER
MEETS
Considering the need to showcase the wide range of Indian leather and
leather products to the importers and buyers in Sweden, the Council will be
organizing Buyer Seller Meet for Leather and Leather products [including
finished leather, shoes, sandals, boots, wallets, purses, hand bags, leather
garments and small leather goods ] in Finland, Denmark, Belgium and Sweden
during March 27 – April 5, 2007. The
detailed schedule of the events are given below.
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Country & Place |
Hotel Name and Address |
Dates and timings of BSM |
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Finland |
Hotel Hilton Helsinki |
Date |
March 27 & 28 |
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Helsinki |
Kalastajatorppa |
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[Tue & Wed] |
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March 27 & 28 |
Kalastajatorpantie 1, |
Timings |
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[Tue & Wed] |
Helsinki, |
March 27 |
11.00 a.m. – 6 p.m. |
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Finland 00330 |
March 28 |
10.00 a.m. to 2.00 p.m. |
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Tel. : 358-9-45811 |
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Fax : 358-9-4581 2211 |
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Denmark |
Marroit |
Date |
Mar. 29 & 30 |
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Copenhagen |
Kalvebod Brygge |
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[Thu & Fri] |
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Mar. 29 & 30 |
Copenhagen DK 1560 |
Timings |
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[Thu & Fri] |
Phone : 0045 88 33 99 00 |
March 29 |
11.00 a.m. to 6.00 p.m. |
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Fax : 0045 88 33 99 99 |
March 30 |
10.00 a.m. to 6.00 p.m. |
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Website : www.marriot.com |
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Category of hotel : Five Star |
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Name of the Hall : |
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Vesterhavlet 2 |
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Belgium |
Bedford Hotel |
Date |
April 2 & 3 |
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Brussels |
135-137, rue du Midi 1000 |
Timings |
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April 2 & 3, 2007 |
Brussels |
April 2 |
10.00 a.m. to 6.00 p.m. |
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[Mon & Tue] |
Tel. : +32 2 507 00 00 |
April 3 |
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Fax : +32 2 507 00 10 |
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E-mail : info@hotelbedford.be |
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Website : www.hotelbedford.be |
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Category of hotel : |
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Four Star |
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Name of the Hall : |
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Armstrong |
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Sweden |
Scandic Infracity Hotel |
Date |
April 4 & 5, 2007 |
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Stockholm |
Kanalvagen 10 |
April 4, 2007 |
11.00 a.m. to 6.00 p.m. |
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April 4 & 5, 2007 |
194 61, Upplands Vasby |
April 5, 2007 |
10.00 a.m. to 6.00 p.m. |
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[Wed. & Thu] |
Stockholm, Sweden |
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Tel : 0046 8 517 34400 |
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Fax : 0046 8 517 34411 |
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E-mail : infracity@scandic-hotels.com |
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Website : www.scandic-hotels.com |
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Name of the Hall : |
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Ball Room |
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CMT REPORT
(Corruption, Money Laundering & Terrorism]
The Public Notice information has been collected from various sources
including but not limited to: The Courts, India Prisons Service,
Interpol, etc.
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.44.27 |
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UK Pound |
1 |
Rs.85.54 |
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Euro |
1 |
Rs.58.23 |
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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