MIRA
INFORM REPORT
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Report Date : |
21.09.2007 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Noble Industrial Estate No. 1, Unit No. 11, Navghar, Vasai (East)
Thane – 401210, |
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Country : |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
2003 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer and Exporter of Nail Polish and Lipstick |
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 4000 |
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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 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 : |
Noble Industrial Estate No. 1, Unit No. 11, Navghar, Vasai (East),
Thane – 401210, |
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Telfax. No.: |
91-250-2390348 |
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Mobile No.: |
91-9422578598 |
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Area : |
2500sq.fts |
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Location : |
Owned |
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SOLE PROPRIETOR
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Name : |
Mr. Pradeep Brijlala Dube |
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Designation : |
Proprietor |
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Date of Birth/Age : |
25 years |
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Qualification : |
Chemical Engineering |
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Experience : |
2 Years |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of Nail Polish and Lipstick |
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Products : |
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Exports : |
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Products : |
All Products |
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Countries : |
African Countries |
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Terms : |
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Selling : |
Cheque |
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Purchasing : |
Cheque |
GENERAL INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
10 |
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Bankers : |
Vasai Janta Sahakari Bank Limited |
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Banking Relations
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Satisfactory |
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Auditors : |
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Name : |
A Hutosh and Company Chartered Accountants |
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Address : |
Virar, |
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Tel. No.: |
91-250-2521168 |
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Memberships : |
All |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.1.000 million |
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Borrowed : |
-- |
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Total : |
Rs.1.000 million |
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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2.500 |
2.700 |
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Expected Sales (2007-08) : Rs.3.500 millions
LOCAL AGENCY FURTHER INFORMATION
Trade References:
³
Satyanarayan and Company, Mumbai
³
Nikita Enterprises, Mumbai
³
Punamiya Trading Company, Mumbai
As per Website Details
Company Profile:
The popularity of cosmetics in the 21st century has increased rapidly.
Their use is widespread, especially among women all over the world. Incepted in
2003, Subject has grown into a reputed company in a short span
of time and it is moving ahead consistently. They are manufacturer
and exporter of all cosmetic products like Nail
Polish, Lipstick, etc. Their products are in conformation with
the international standards and are manufactured keeping the taste and style of
present day women.
A blend of sophisticated technology and streamlined production process results
in their skin friendly cosmetics. They are guided by the nuance and subtleties
of mood, dress, occasion, etc. in their selection of the shade and hues of the
nail polish or lipstick. Manufactured from quality raw materials, their
products have found acceptance in the national as well as international
market. They are a member of the eminent All India Small Scale Cosmetics
Manufacturer's Association. The company has a wide spread customer base all
across the globe consisting of high profile clients. They export their products
to African countries.
Quality Assurance
Being a quality driven company, Sunrise Cosmetics endeavors
to manufacture highest quality products from natural ingredients like tulsi,
flower extracts, etc. and harmless chemicals that are skin friendly. They use
government approved colors. They possess testing facilities to maintain the
international quality standards. Their experts maintain a strict vigil on the
manufacturing process to ensure that all the products are defect free.
Infrastructure
They possess an infrastructure that facilitates them in
rendering valuable services to their customers. Sunrise Cosmetics can boast of
possessing the finest infrastructure and excellent team of qualified
professionals to serve their customers at their best. Their company is equipped
with hi-tech stirrer for achieving that perfect blend that lends to the
products the absolute fusion of colors and coolness. They have facilities
to ensure quick deliveries from their ready stocks. The company has established
a special department to take care of goods, packing, accurate weighing, etc.
for achieving total customer satisfaction.
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.39.91 |
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1 |
Rs.79.88 |
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Euro |
1 |
Rs.55.88 |
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 |
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 |
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. |
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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