MIRA INFORM REPORT

 

 

 

 

Report Date :

23.08.2008

 

IDENTIFICATION DETAILS

 

Name :

SUPER SPEED GROUP OF COMPANIES

 

 

Registered Office :

Plot No. 1/2, 1st Floor, Roowala Compound, Metawadi Chowk, L H Road, Surat, Gujarat

 

 

Country :

India

 

 

Financials (as on) :

31.03.2008 (Estimated)

 

 

Year of Establishment  :

2006

 

 

Legal Form :

Partnership Concern with an Unlimited Liability of the Partners. 

 

 

Line of Business :

Manufacturer and Importer of Textile Machinery

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Maximum Credit Limit :

UsD 5000

 

 

Status :

Small Trading Group

 

 

Payment Behaviour :

Usually Correct

 

 

Comments :

Subject is a small trading group. It’s payment are usually correct. Nothing adverse reported.

 

The group can be considered normal for business dealings at usual trade terms and conditions.

 

 

INFORMATION PARTED BY

 

Name :

Mr. Vishal Purohit

Designation :

Chief Executive officer

Contact No.:

91-9909931003

Date :

21.08.2008

 

 

LOCATIONS

 

Registered Office :

Plot No. 1/2, 1st Floor, Roowala Compound, Metawadi Chowk, L H Road, Surat, Gujarat, India

Tel. No.:

91-261-2540138

Mobile No.:

91-9909931003 (Mr. Vishal Purohit)

Fax No.:

91-261-2549350

E-Mail :

super_speed2007@hotmail.com

Area :

1000 Sq.fts(approximately)

Location :

Owned

 

 

Factory :

44 Shreeram Paper Mill, Opposite Bapa Sitaram Hall, Laskana Kamraj Road, Surat, Gujarat,  India

Area :

5000 Sq.fts (approximately)

Location :

Rented

 

 

PARTNERS

 

Name :

Mr. Hitesh Kukediya

Designation :

Partner

Date of Birth/Age :

29 years

Qualification :

HSC

Experience :

6 years

 

 

Name :

Mr. Nitin Dudha

Designation :

Partner

Date of Birth/Age :

25 years

Qualification :

Graduate

Experience :

6 years

 

 

KEY EXECUTIVES

 

Name :

Mr. Vishal Purohit

Designation :

Chief Executive Officer

 

 

BUSINESS DETAILS

 

Line of Business :

Manufacturer and Importer of Textile Machinery

 

 

Imports :

 

Products :

Textile Machinery

Countries :

China

 

 

Terms :

 

Selling :

Credit (90 days)

 

 

Purchasing :

Cash, Credit (30 days), T/T, D/P

 

 

GENERAL INFORMATION

 

Customers :

Wholesalers, End Users

 

 

No. of Employees :

2

 

 

Bankers :

State Bank of Mysore, Main Branch

 

 

Facilities :

Cash Credit - Rs. 2.000 millions

 

 

Auditors :

 

Name :

P R Dalal and Company

Chartered Accountants 

 

 

Associates/Subsidiaries :

·         Shree Ambika Creation

Address : Plot No. 1/2, 1st Floor, Roowala Compound, Metawadi Chowk, L H Road, Surat, Gujarat, India

 

·         Super Star Import and Export Company

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 1.000 million

Borrowed :

---

Total :

Rs. 1.000 million

 

 

FINANCIAL DATA

[all figures are in Rupees Millions]

 

Particulars

 

 

 

31.03.2008

(Estimated)

 

 

 

 

Sales Turnover

 

 

34.000

 

Expected Sales (2008-09): Rs. 50.000 millions

 

 

LOCAL AGENCY FURTHER INFORMATION

 

TRADE REFERENCES: - (Super Speed Group of Companies)

·         Jai Mahakali Fashion, Surat

·         Heer Fashion, Surat

·         Madhu Anand Creation, Surat

 

 

WEBSITE DETAILS:-

 

Concern Profile:-

Subject have established their selves exclusively for catering to the demands of the International Markets by Exporting and Importing commercially important commodities such as Chemicals and Minerals, Agro Products, Gems and Jewellery, Textiles, etc. Their mission is to export and supply fine quality products. They are manufacturing and exporting an exhaustive product range to various countries worldwide.


They strive to provide quality products at the most competitive rates. They are known for their stringent quality norms and their aggressive implementation since their inception. Every piece manufactured and exported by them undergoes severe quality tests before hitting the market.


Product Range

 

·        Chemicals and Minerals

o       Citric Acid

o       Soda Ash

o       Bauxite

o       Bentonite

o       Caustics Soda

·        Gems and Jewellery

o       Real Diamond

o       Real Diamond Jewellery

·        Agriculture Products

o       Groundnut

o       Raw Cotton

o       Soya Beans

o       Sugar

·        Textiles

o       Malai Dori (Satin Rat Tail Cords)

o       Fancy Lace.

 

Theirs is a Diversified Group with a strong presence in the Indian as well as International Market. They strive to provide quality products at the most competitive rates, more importantly, strictly adhering to the committed delivery schedules. Their mission is to provide total contentment to their customers by manufacturing and exporting optimum quality commercially important commodities

 

 

ADDITIONAL INFORMATION:-

 

About Sister Concerns:-

 

Name :                                     Super Star Import and Export Company

                                               

Year of Establishment:             2007

                                               

Legal Form:                             Partnership Concern with an Unlimited Liability of the Partners. 

                                               

Line of Business:                     Trader of Agricultural Products including Rice, Groundnuts, Raw Cotton, Soybeans, Sugar

 

 

LOCATIONs:-

 

Registered Address:                 Plot No. 1/2, 1st Floor, Roowala Compound, Metawadi Chowk, L H Road, Surat, Gujarat, India

Tel. No.:                                  91-261-2540138

Mobile No.:                              91-9909931003 (Mr. Vishal Purohit)

Fax No.:                                  91-261-2549350

E-Mail :                                    super_speed2007@hotmail.com

Area :                                      250 Sq.fts(approximately)

Location :                                Owned

 

Factory :                                  44 Shreeram Paper Mill, Opposite Bapa Sitaram Hall, Laskana Kamraj Road, Surat, Gujarat,  India

Area :                                      5000 Sq.fts (approximately)

Location :                                Rented



Details of Partners: -

 

Name :                                    Mr. Hitesh Kukediya

Designation :                           Partner

Date of Birth/Age :                   29 years

Qualification :                         HSC

Experience :                            6 years

                                               

Name :                                    Mr. Nitin Dudha

Designation :                           Partner

Date of Birth/Age :                   25 years

Qualification :                         Graduate

Experience :                            6 years

                                               

Name :                                    Mr. Bhavesh Bhayani

Designation :                           Partner

Date of Birth/Age :                   35 years

Qualification :                         Graduate

Experience :                            10 years


Other Details :-

 

·         The concern export Rice from African countries

 

 

Trading Terms : -

                                               

Purchasing :                             T/T, D/P, L/C

 

 

Customers :                             Wholesalers, End Users

                                               

No. of Employees :                  2

 

Bankers :                                 Bank of India, Surat Branch  

 

 

Trade REFERENCES:-

 

·         Global Trading Company, Uganda , Africa

 

 

CAPITAL STRUCTURE

 

Capital Investment :

 

Owned :

Rs. 0.300 million

Borrowed :

Rs. 0.700 million

Total :

Rs. 1.000 million



PROFIT & LOSS ACCOUNT

 

Particulars

 

 

 

31.03.2008

(Estimated)

 

 

 

 

Sales Turnover

 

 

10.000

 

 

 

About Sister Concerns:-

 

Name :                                     Shree Ambika Creation

                                               

Year of Establishment:             June, 2008

                                               

Legal Form:                             Sole Proprietory Concern   

                                               

Line of Business:                     Trader of Textile Yarns

 

 

Location:

 

Registered Address:                 Plot No. 1/2, 1st Floor, Roowala Compound, Metawadi Chowk, L H Road, Surat, Gujarat, India

Tel. No.:                                  91-261-2540138

Mobile No.:                              91-9909931003 (Mr. Vishal Purohit)

Fax No.:                                  91-261-2549350

E-Mail :                                    super_speed2007@hotmail.com

Area :                                      800 Sq.fts

Location :                                Owned

 

 

Factory :                                  44 Shreeram Paper Mill, Opposite Bapa Sitaram Hall, Laskana Kamraj Road, Surat, Gujarat,  India

 

 

Details of Partners: -

 

Name :                                    Mr. Mahesh Kukediya

Designation :                           Proprietor

Date of Birth/Age :                   28 years

Qualification :                         HSC

Experience :                            9 years

 

 

Bankers :

                                               

                             Name :       Bank of India

                        Facilities :       Cash Credit - Rs. 2.000 millions

 

 

No. of Employees :                  2

 

 

Trading Terms: -

                                               

Purchasing:                             Cash

 

Selling :                                   Payments against delivery

 

 

Capital Structure :

 

Capital Investment :

 

Owned :

Rs. 0.400 million

Borrowed :

Rs. 1.600 millions

Total :

Rs. 2.000 millions

 

 

Trade Reference:-

 

·         Sharda Puntex, Rajasthan

 

 

 

 

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 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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.38

UK Pound

1

Rs.81.34

Euro

1

Rs.64.55

 

 

SCORE & RATING EXPLANATIONS

 

SCORE FACTORS

 

RANGE

POINTS

HISTORY

1~10

4

PAID-UP CAPITAL

1~10

4

OPERATING SCALE

1~10

4

FINANCIAL CONDITION

 

 

--BUSINESS SCALE

1~10

4

--PROFITABILIRY

1~10

4

--LIQUIDITY

1~10

4

--LEVERAGE

1~10

4

--RESERVES

1~10

4

--CREDIT LINES

1~10

4

--MARGINS

-5~5

---

DEMERIT POINTS

 

 

--BANK CHARGES

YES/NO

NO

--LITIGATION

YES/NO

NO

--OTHER ADVERSE INFORMATION

YES/NO

NO

MERIT POINTS

 

 

--SOLE DISTRIBUTORSHIP

YES/NO

NO

--EXPORT ACTIVITIES

YES/NO

NO

--AFFILIATION

YES/NO

NO

--LISTED

YES/NO

NO

--OTHER MERIT FACTORS

YES/NO

YES

TOTAL

 

36

 

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

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions