MIRA INFORM REPORT
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Report Date : |
23.12.2008 |
IDENTIFICATION DETAILS
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Name : |
NFA INTERNATIONAL |
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Formerly Known As : |
NATIONAL FRUIT
AGENCY |
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Registered Office : |
T/A 120 Anna Fruit Market, Koyambedu, Chennai – 600092, Tamilnadu |
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Country : |
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Financials (as on) : |
31.03.2008
(Estimated) |
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Year of Establishment : |
2001 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporter, Importer and Trader of Fruits such as Mangoes, Apples,
Pears, Grapes, |
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 40000 |
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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 concern having satisfactory track. Trade relations are fair.
Payments are usually correct and as per commitments. The concern can
be considered normal for business dealings at usual trade terms and
conditions. |
INFORMATION PARTED BY
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Name : |
Mr. Ameerul Hussain |
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Designation : |
Proprietor |
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Contact No.: |
91- 9840073383 |
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Date : |
22.12.2008 |
LOCATIONS
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Registered Office : |
T/A 120 Anna Fruit Market, Koyambedu, Chennai – 600092, |
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Tel. No.: |
91-44-24799383/ 24779163 |
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Mobile No.: |
91-9840873383/ 9840073383 |
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Fax No.: |
91-44-24792598/ 26280357/ 26162357 |
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E-Mail : |
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Website : |
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Area : |
2700 sq. ft. |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. Ameerul Hussain |
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Designation : |
Proprietor |
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Date of Birth/Age : |
29 years |
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Experience : |
7 years |
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Qualification : |
B.sc. Graduate |
BUSINESS DETAILS
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Line of Business : |
Exporter, Importer and Trader of Fruits such as Mangoes, Apples,
Pears, Grapes, |
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Products : |
·
Mangoes ·
Apples ·
Pears ·
Grapes ·
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Processed Food |
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Exports: |
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Products : |
Fruits |
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Countries : |
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Imports : |
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Products : |
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Apples ·
Pears ·
Grapes ·
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Countries : |
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Terms : |
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Selling : |
Credit (30 -60 Days) |
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Purchasing : |
Cash or Credit (30 Days) |
GENERAL INFORMATION
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Customers : |
·
Wholesalers ·
Importers ·
Retailer
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No. of Employees : |
15 |
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Bankers : |
·
Axis Bank Limited J-14, ·
State Bank of ·
ICICI Bank, Chennai |
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Facilities : |
C/C – Rs.20.000
Millions (Axis Bank) |
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Banking Relations : |
Satisfactory |
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Auditors : |
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Name : |
Rajesh and
Company Chartered
Accountant |
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Address : |
Chennai |
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Associates/Subsidiaries : |
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Royal Fruits 120, Anna Fruit Market, Koyambedu, Chennai – 600 001, Tamilnadu (Imports Apples and Pears in the name of National Fruit Agency. Imports
Apples, Mangoes, Grapes and Pomegranates in the name of Royal Fruits) Basically, they supply to the same dealers
and import is done under different names from the same source for commercial
reasons. ·
T/D-1, Anna Fruit Market, Koyambedu, Chennai – 600 092, Tamilnadu ·
T/A 120 Anna Fruit Market, Koyambedu, Chennai – 600092, Tamilnadu |
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Parent Company : |
Royal Group Flat No.4, 3rd Floor, A Wing, Paras Manere, Chennai –
600006, Exporter and Importer of Readymade Garments, Packaged Vegetable
Readymade Garments, Vegetables Fruit and Vegetables (Fresh, Processed and
Dry) |
CAPITAL STRUCTURE
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Capital
Investment : |
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Owned : |
Rs. 8.000
Millions |
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Borrowed : |
- |
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Total : |
Rs. 8.000
Millions |
FINANCIAL DATA
[all figures are
in Rupees Millions]
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Particulars |
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31.03.2008 (Estimated) |
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Sales Turnover |
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180.000 |
Expected Sales (2008-09) : Rs.200.000 Millions
LOCAL AGENCY FURTHER INFORMATION
HISTORY
The Concern is engaged in the export of Mangoes and the import of
Apples and Pears. Now Mr. M A Rahim the owner hails from a family that has been
engaged the fruits, vegetable and processed food business for over 3 decades.
The family first started the Royal group (Export and Importer) in Chennai for
the import of fruits and export of Mangoes. Slowly they progressed in to
processed food.
Subject is situated in the Anna Fruit Market at Koyambedu. Now, the
Government of Tamilnadu has constructed a vegetable and fruit market in
Koyambedu. This is the largest vegetable/ fruit markets in entire
Subject is one of the bigger vendors in the market and their products
are sold all over the country. They sell their products to smaller and medium
sized vendors in the same market who in turn send them to other places in
Tamilnadu.
Trade Reference:
·
Covai Palamudilayam
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Palamudi Chilai
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Colambia Marketing International,
·
Witor Marketing Private Limited,
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.47.39 |
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1 |
Rs.70.65 |
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Euro |
1 |
Rs.66.33 |
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 |
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 |
NO |
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--AFFILIATION |
YES/NO |
YES |
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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/normal. |
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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