MIRA
INFORM REPORT
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Report Date : |
30.11.2007 |
IDENTIFICATION
DETAILS
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Name : |
NAGANI COLD STORAGE AND PROCESSING UNIT |
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Registered Office : |
Plot No. 33, Mafco APM yard, Sector-18, Vashi, Navi Mumbai – 400307,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1995 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporter and Importer of Meat, Fish, Chicken, Mutton and Ice. |
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 80000 |
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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 dealinds at usual
trade terms and conditions. |
LOCATIONS
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Registered Office / Factory: |
Plot No. 33, Mafco APM yard, Sector-18, Vashi, Navi Mumbai – 400307,
Maharashtra, India |
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Tel. No.: |
91-22-27656777/27657007 |
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Fax No.: |
91-22-27888786 |
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E-Mail : |
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Website : |
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Area : |
5000 sq.mtr. |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Rizwan Kader |
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Designation : |
Proprietor |
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Date of Birth/Age : |
39 years |
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Qualification : |
Post – Graduate |
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Experience : |
20 years |
BUSINESS DETAILS
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Line of Business : |
Exporter and Importer of Meat, Fish, Chicken, Mutton and Ice. |
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Exports : |
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Products : |
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Countries : |
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Imports : |
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Products : |
Frozen Chicken |
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Countries : |
France |
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Terms : |
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Selling : |
L/C, Cash |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
around 200 |
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Bankers : |
Union Bank of India, Nariman Point Branch |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Nirupam Smart and Associates |
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Address : |
Fort, Mumbai, Maharashtra, India |
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Tel No.: |
91-22-22811085 |
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Associates/Subsidiaries : |
Jambo Food Company, Vashi |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.20.000 Millions |
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Borrowed : |
- |
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Total : |
Rs.20.000 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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250.000 |
170.000 |
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Expected Sales (2007-08) : Rs.350.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
- Tyda Impex,
China
- Aldaysi,
Bahrain
Website
details:
Subject started its business in the year 1965 with trading
in Fish and manufacturing and supply of Ice Blocks
In 1978 they put up a well equipped and modern food
processing plant and cold storage in vashi (New Bombay) India. Subject is
currently exporting to 20 countries with over 50 regular satisfied clients.
Never having to compromise over top quality, Subject has never looked back ever
since.
Subject deals with mainly five products: Meat, Fish,
Chicken, Mutton and Ice. Ice is taken care by its sister concern chowpatty Ice
and cold storage, one of the 1st Ice factory / cold storage in bombay (Mumbai)
India. Where as Meat, Fish, Chicken Mutton are taken care by subject at
vashi factory and cold storage Unit.
All Animals processed and packed at subject are thoroughly
checked before and after slaughter by official veterinary surgeons under strict
and regular control in order to guarantee that all products are to the highest
hygiene and quality standards.
Subject has achieved a lot of goodwill and faith over the
years. Subject was also the first to export fresh king (Seer) fish to New York
(U.S.A.) by air. First and only company to import frozen chicken from france
(SABCO Brand of Tilly Sabco). Subject is the only authorised importer for tilly
sabco products in India.
Subject - brand ... An excellent reputation in the
international markets, is providing its customers with a safe label in which
they can trust life long. To keep the trust, Subject takes every possible care
in every aspects to give the best of the best.
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.39.77 |
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UK Pound |
1 |
Rs.82.45 |
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Euro |
1 |
Rs.58.94 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
6 |
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PAID-UP CAPITAL |
1~10 |
6 |
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OPERATING SCALE |
1~10 |
6 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
6 |
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--PROFITABILIRY |
1~10 |
6 |
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--LIQUIDITY |
1~10 |
6 |
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--LEVERAGE |
1~10 |
6 |
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--RESERVES |
1~10 |
6 |
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--CREDIT LINES |
1~10 |
6 |
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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 |
NO |
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TOTAL |
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44 |
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. |
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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