MIRA
INFORM REPORT
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Report Date : |
12.10.2007 |
IDENTIFICATION DETAILS
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Name : |
LEATHER KING |
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Registered Office : |
69, |
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Country : |
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Date of Incorporation : |
December, 2006 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacture and Exporter of Leather |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
New Concern |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern and yet to commence commercial operations as
informed by Mr. Partha Dutta, Chief Executive Officer, of the concern. Proprietor
is reported to have some experience. Trade relations are fair. No further
details or payment could be made available. The concern can be considered for any business dealings on fully safe
and secured trade terms and conditions, initially. |
LOCATIONS
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Registered Office : |
69, |
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Tel. No.: |
91-33-25241124 |
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Mobile No.: |
91-9331045118 / 9331294494 |
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E-Mail : |
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Website : |
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Area : |
1000sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Mohammad Hafiz |
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Designation : |
Proprietor |
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Date of Birth/Age : |
35 years |
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Qualification : |
Post Graduate |
BUSINESS DETAILS
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Line of Business : |
Manufacture and Exporter of Leather |
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Products : |
³
Ladies / Gents Wallets ³
Ladies / Gents Purses ³
Passport Covers ³
Card Holders ³
Key Cases ³
Shantiniketan Bags ³
Coin Boxes ³
Lipstick Cases ³
Pen Cases |
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Exports : |
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Products : |
All Products |
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Countries : |
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Terms : |
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Selling : |
Cash against document and Credit |
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Purchasing : |
L/C, Cash and T/T |
GENERAL INFORMATION
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Customers : |
Wholesalers and Relaters |
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No. of Employees : |
20 |
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Bankers : |
Not Available |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Not Appointed |
CAPITAL STRUCTURE
Not Available
FINANCIAL DATA
[all figures are
in Rupees Millions]
No Sales till 2007
Expected Sales (2007-08) : Rs.1.500 millions
LOCAL AGENCY FURTHER INFORMATION
As Per Web Details
Concern Profile:
Subject is a trusted name in the leather goods business. They are a manufacturing cum export unit, who is dealing with a wide range of high quality small leather goods like wallet, purses, passport cover, card holder, key cases etc. Also they are manufacturing shantiniketan bags, wallets, coin boxes, lipstick cases and pen cases.
Their mission is quality of product, quantity and timely shipment of goods.
They are creating wonderful leather solutions in Kolkata with their own
tannery. They develop and sustain their leadership position by engaging and
supporting their most valuable and differentiated asset - the competence,
commitment and creativity of their people.
Their primary customers are corporate clients who are looking for a specific
leather solution to meet their professional or promotional needs. They help
them design and develop their exacting custom leather solutions.
Advantages :
• One-stop source for custom leather solutions.
• Convenient & excellent customer service.
• Superior quality, full grain leather.
• Wide ranging leather variety and selection.
• Competitive pricing.
• Quality workmanship.
• Innovative & modern designs.
• Quick in house design and sampling.
• Strong understanding of customer needs.
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.39.31 |
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1 |
Rs.80.12 |
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Euro |
1 |
Rs.55.76 |
SCORE & RATING EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
2 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
- |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
- |
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--PROFITABILIRY |
1~10 |
- |
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--LIQUIDITY |
1~10 |
3 |
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--LEVERAGE |
1~10 |
3 |
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--RESERVES |
1~10 |
2 |
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--CREDIT LINES |
1~10 |
2 |
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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 |
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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15 |
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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