MIRA
INFORM REPORT
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Report Date : |
26.05.2007 |
IDENTIFICATION DETAILS
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Name : |
SHRESH EXPORTS |
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Registered Office : |
50, Sarvodaya Society., B/H. Daxa Society, Nizampura, Vadodara – 390
002, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2004 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporter and Importer of Herbal Cosmetics |
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 6000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a well established concern having satisfactory track. Trade relations are fair. 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 : |
50, Sarvodaya Society., B/H. Daxa Society, Nizampura, Vadodara – 390
002, |
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Tel. No.: |
91-265-6533277 |
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Mobile No.: |
91-9825025171 |
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Fax No.: |
91-268-2550086 |
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Website : |
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Location : |
Owned (Residence) |
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Factory 1 : |
At and Post Bagvadar, Porbunder – 360 590, |
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Area : |
45000 Sq.fts. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Himanshu Satodia |
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Designation : |
Proprietor |
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Mobile No.: |
91-9825025171 / 91-9427983358 |
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Date of Birth/Age : |
35 years |
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Qualification : |
Graduate |
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Experience : |
20 years |
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Date of Appointment : |
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BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Herbal Cosmetics |
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Products : |
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Brand Names : |
‘ALOE SPA’ |
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Exports : |
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Products : |
Herbal Cosmetics |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance |
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Purchasing : |
Cash or Credit (30 days) |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
9 (Office: 3; Factory: 6 ) |
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Bankers : |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
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Name: |
Xylochem Industries |
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Address: |
C – 3 / 1 GIDC, Nadiad |
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Line of
Business: |
Bulk Drugs. |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 1.500 millions |
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Borrowed : |
-- |
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Total : |
Rs. 1.500 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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4.200 |
3.500 |
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Profit/Loss for the year |
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NA |
NA |
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Export Value |
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3.600 |
3.000 |
Expected Sales (2007-08) : Rs. 6.000 millions
LOCAL AGENCY FURTHER INFORMATION
Website details Attached:
Subject
is one of the most renowned exporters
and importers of Herbal
Cosmetic like Hair Shampoo, Oil, Heena, Cream (various flavours),
Face Pack (various flavours),
Innovative, customer-friendly and cost-effective products form the hallmark of
their esteemed corporate entity. Subject is engaged as an exporter and importer
of the products enumerated below:-
Cosmetic: Hair Shampoo, Hair Oil, Hair Heena, Cream, Face Pack, Face Wash, Body Massage Oil, Body Massage Lotion, Hot Hair Remover Wax, Cleansing Milk, Moisturizer, various Flavored Oil and Gel
Medicine (Branded and Generic): Ayurvedic, Allopathic, Herbal.
Quality Assurance
Their company endeavors to impart international quality at affordable
prices. Their procurement team consists of highly skilled professionals
who supervise the procurement process and ensure that their customers get
nothing less than the best. Besides, their products go through stringent
quality checks, leaving no room for a defective product.
Infrastructure
They are backed by a strong team of experienced and qualified workforce as well
as state-of-the-art machinery as a part of their infrastructure. Over the
years, they have rapidly expanded their human and material resources as well as
their technological capabilities. With a strong sales force, their
international business has grown rapidly and continues to develop at a strong
pace. Machinery factor too is kept in mind and regular lubrications are
conducted to ensure optimum results. Thus, their infrastructure acts as an
asset for us, thereby opening up all avenues of success for us.
Advantages:
- Their professional, innovative and result-oriented approach towards the products dealt by them.
- Constant development of new varieties to sustain the trust of their customers on them
- Regular improvisation of quality resulting in the increase in their product line
- Reliability, competitive prices and prompt services- key factors for their company's success.
- Supreme quality products, Competitive Prices, Prompt Delivery, quality International standards
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. 40.60 |
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1 |
Rs. 80.65 |
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Euro |
1 |
Rs. 54.55 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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