MIRA
INFORM REPORT
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Report Date : |
08.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
MILTOP EXPORTS |
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Registered Office : |
672, GIDC- II, Dared Jamnagar-361004, Gujarat |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1992 |
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Legal Form : |
Partnership Concern with the Unlimited Liability of the partners |
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Line of Business : |
Manufacturer, Exporter and Importer of Food Products, Spicer, Oil
Seeds and Processed Foods |
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 25000 |
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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 company having satisfactory
track. Trade relations are fair. Business is active. Payments are reported as
usually made as per commitments. The concern can be considered good for normal business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. Milan Shah |
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Designation : |
Partner |
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Contact No.: |
91-9375393954 |
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Date : |
06.12.2008 |
LOCATIONS
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Registered Office/ Factory : |
672, GIDC- II, Dared Jamnagar-361004, Gujarat, India |
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Tel. No.: |
91-288-2730228/ 273497 |
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Mobile No.: |
91-9375393954 |
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Fax No.: |
91-288-2730498 |
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E-Mail : |
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Website : |
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Area : |
2000 sq. mtr. (Owned) |
PARTNERS
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Name : |
Mr. Milan Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
58 Years |
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Qualification : |
Housewife |
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Name : |
Mr. Milan A Shah |
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Designation : |
Partner |
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Date of Birth/Age : |
38 Years |
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Qualification : |
H.S.C |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter and Importer of Food Products, Spicer, Oil
Seeds and Processed Foods |
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Products : |
·
South Indian Items ·
Pickles ·
Spices and Seasonings ·
Herbs ·
Grocery ·
Pulses ·
Oil/ Oil seeds ·
Organic Foods |
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Exports : |
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Products : |
Chilli Poweder and Chat Masala |
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Countries : |
·
U.K ·
U.S ·
Germany ·
North America ·
West Europe ·
West Africa ·
Middle East ·
Far East ·
Australia |
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Imports : |
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Countries : |
Madagascar and Kenya |
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Terms : |
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Selling : |
Cash and Credit ( 30-60 days) Advance |
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Purchasing : |
L/C, Cash and Credit ( 30 Days) CAD |
GENERAL
INFORMATION
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No. of Employees : |
35 |
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Bankers : |
State Bank of India, Digvijay Plot Branch, Jamnagar |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Kamlesh Ratwod and Associates Chartered Accountant |
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Address : |
Jamnagar Gujarat |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions (Estimated) |
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Borrowed : |
-- |
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Total : |
Rs. 5.000 Millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
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Sales Turnover |
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69.400 |
Expected Sales (2008-09) : Rs. 85.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade References:
·
Reliance Fresh
·
Aditya Birla
·
Spencers
AS PER WEBSITE
Profile:
Subject was established in 1992 to cater spices, pulses, oilseeds and
Indian ethnic foods to the UK market. Now they are one of the leading
processors, packers and exporters of spices and Indian foods. They have
extended the business activities to USA, Europe, Africa, Middle East and Far
East. The unit is certified by TUV SUDDEUTSCHLAND, Germany for ISO 9001:2000
and HACCP. "Quality Is the Excellence" They excel in offering quality
food in quality packing with quality a service. That is the key of the successful
journey.
The factory is situated just a few hours away from two of India's busiest port,
Kandla & Mundra. Most of the shipments take place from these two ports.
Mundra Port is directly connected with all major ports of the world. This port
enables them to ship the cargo faster, hassle free and safe(withpur any
transhipment).
They offer our products in attractive CONSUMER PACK(pouches, pet bottles/jar,
glass bottles) with barcodes and the buyer's brand. All consumer packs are
packed in attractive printed corrugated boxes and
shrink-wrapped, ideal for distribution to retail chains and super markets.
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.49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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 |
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 |
6 |
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--LEVERAGE |
1~10 |
6 |
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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 |
YES |
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--OTHER ADVERSE INFORMATION |
YES/NO |
YES |
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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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48 |
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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