MIRA
INFORM REPORT
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Report Date : |
04.05.2007 |
IDENTIFICATION DETAILS
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Name : |
MAHALAKSHMI TRADERS |
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Registered Office : |
21, Sriram Nagar, Lakshmipuram Peelamedu, |
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Country : |
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Financials (as on) : |
31.03.2006 |
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Date of Incorporation : |
2001 |
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TIN : |
33692102090 |
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IEC No.: |
3203007339 |
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PAN No.: [Permanent
Account No.] |
ABRPL6279J |
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Legal Form : |
Sole ProprietoryConcern |
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Line of Business : |
Trader and Importer of Apples |
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 4948 |
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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 : |
21, Sriram Nagar, Lakshmipuram Peelamedu, |
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Tel. No.: |
91-422-2572184 |
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Mobile No.: |
91-9363126120 |
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Fax No.: |
91-422-2572184 |
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E-Mail : |
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Area : |
500 sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mrs. M. Lakshmi |
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Designation : |
Proprietrix |
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Address : |
26/A, Thaskannagar, goldwins, |
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Date of Birth/Age : |
09.04.1955 |
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Qualification : |
Diploma |
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Experience : |
7 Years |
BUSINESS DETAILS
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Line of Business : |
Trader and Importer of Apples |
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Products : |
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Agencies Held : |
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Imports : |
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Products : |
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Countries : |
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Terms : |
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Selling : |
Credit |
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Purchasing : |
Credit (30-60 days) |
GENERAL INFORMATION
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Customers : |
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No. of Employees : |
6 (4 Office, 2 Branch) |
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Bankers : |
ICICI Bank Limited, Central Bank of |
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Facilities : |
Credit Limit : Rs. 4.000 millions |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Baskaran Chartered Accountants |
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Address : |
1212, |
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Tel. No.: |
91-422-4365373 |
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Capital
Structure |
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Capital Investment : |
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Owned : |
Rs. 1.237 millions |
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Borrowed : |
- |
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Total : |
Rs. 1.237 millions |
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Financial Data ( all figure are in Rupees Millions)) |
ABRIDGED BALANCE
SHEET
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SOURCES OF FUNDS |
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31.03.2006 |
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SHAREHOLDERS FUNDS |
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1] Proprietor’s Capital |
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1.237 |
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2] Share Application Money |
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0.000 |
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3] Reserves & Surplus |
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0.000 |
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4] (Accumulated Losses) |
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0.000 |
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NETWORTH |
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1.237 |
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LOAN FUNDS |
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1] Secured Loans |
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0.212 |
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2] Unsecured Loans |
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0.000 |
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TOTAL BORROWING |
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0.212 |
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DEFERRED TAX LIABILITIES |
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0.000 |
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TOTAL |
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1.449 |
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APPLICATION OF FUNDS |
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FIXED ASSETS [Net Block] |
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0.402 |
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Capital work-in-progress |
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0.000 |
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INVESTMENT |
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DEFERREX TAX ASSETS |
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0.000 |
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CURRENT ASSETS, LOANS & ADVANCES |
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Inventories |
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0.000 |
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Sundry Debtors |
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0.657 |
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Cash & Bank Balances |
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1.107 |
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Other Current Assets |
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0.067 |
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Loans & Advances |
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0.000 |
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Total
Current Assets |
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1.831 |
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Less : CURRENT
LIABILITIES & PROVISIONS |
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Current Liabilities |
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0.784 |
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Provisions |
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0.000 |
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Total
Current Liabilities |
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0.784 |
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Net Current Assets |
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1.047 |
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MISCELLANEOUS EXPENSES |
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0.000 |
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TOTAL |
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1.449 |
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PROFIT & LOSS
ACCOUNT
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PARTICULARS |
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31.03.2006 |
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Sales Turnover |
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28.415 |
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Other Income |
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0.000 |
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Total Income |
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28.415 |
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Profit/(Loss) Before Tax |
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0.250 |
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Provision for Taxation |
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0.013 |
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Profit/(Loss) After Tax |
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0.236 |
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Total Earnings |
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0.236 |
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Total Imports |
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20.000 |
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Expenditures : |
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Cost of Goods Sold |
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27.852 |
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Manufacturing Expenses |
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0.041 |
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Administrative Expenses |
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0.247 |
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Depreciation & Amortization |
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0.023 |
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Total Expenditure |
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28.163 |
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KEY RATIOS
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PARTICULARS |
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31.03.2006 |
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PAT / Total Income |
(%) |
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0.83 |
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Net Profit Margin (PBT/Sales) |
(%) |
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0.87 |
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Return on Total Assets (PBT/Total Assets} |
(%) |
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11.19 |
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Return on Investment (ROI) (PBT/Networth) |
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0.20 |
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Debt Equity Ratio (Total Liability/Networth) |
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0.80 |
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Current Ratio (Current Asset/Current Liability) |
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2.33 |
LOCAL AGENCY FURTHER INFORMATION
TRADE REFERENCES:
Laiyang Junjie Foodstuff Company Limited
Huasheng (Group) Corpation Limited
Calex Trading
Ben David
Mr. Fruit
SBP cold storage Private Limited, Ponamaile high
road
Chennai. Tel. 9444033575 Director : Prasanna
Mubarak Friut Mundy, Karuppa gounder street,
PROFILE:
The concern is situated in the residence of proprietrix Mrs. M. Lakshmi.
Now Mrs. Lakshmi is a housewife who is not educated and it is her son who
running the show. The house is in Peelamedu near the PSG
The house is very small. The office is a makeshift attached room on the
terrace of this small house. There is no furniture except for a table and chair
and a telefax. No staff to answer the
phone or any queries of any sort.
Mr. Shivakumar who runs the show is the son of Mrs. M. Lakshmi. He seems
to be a graduate who actually operates as a commission agent. But he says he is
a direct importer of apples from US. When asked what is the IRC number under
which he import he said no, no I don’t have an IEC No. that his clients will
have.
Obviously he is local trader dealing in fruits who does import
documentation and other procedures for other importers mainly in Chennai.
He said that he import and used the leased cold freezers available near
the
Subject employs only 1 person in its set up.
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.41.18 |
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1 |
Rs.82.02 |
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Euro |
1 |
Rs.56.07 |
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 |
NO |
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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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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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