MIRA INFORM REPORT
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Report Date : |
03.07.2008 |
IDENTIFICATION
DETAILS
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Name : |
K ARUMUGAM AND COMPANY |
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Registered Office : |
62/1 Devaraja Mudali Street, Park Town, Chennai - 600003, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1968 |
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Legal Form : |
Partnership Concern with an Unlimited Liability of the Partners |
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Line of Business : |
Manufacturers and Exporters of Human Hair such as Single Drawn Remi
100% Natural Raw Hair, Unwaded, Single Drawn Remi Hand Tied Weet, Straight
and Curly Indian Human Hair, available in different colours such as Bleached
Colours, Natural Dark Colours, Medium Grey, Light Grey, White and Pale
Yellow. |
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 13000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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. K A G Raju |
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Designation : |
Partner |
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Contact No.: |
91-9444034727 |
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Date : |
26.06.2008 |
LOCATIONS
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Registered Office : |
62/1 Devaraja Mudali
Street, Park Town, Chennai - 600003, Tamilnadu, India |
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Tel. No.: |
91-44-25366806 / 25361353 |
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Mobile No.: |
91-9444034720037 |
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Fax No.: |
91-44-25387224 |
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E-Mail : |
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Website : |
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Factory : |
Samy Pillai Street,
Park Town, Chennai - 600003, Tamilnadu, India |
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Tel. No.: |
91-44-25366806 |
PARTNERS
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Name : |
Mr. K. A. G. Raju |
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Designation : |
Partner |
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Name : |
Mrs. Krishnaveni
Raju |
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Designation : |
Partner |
BUSINESS DETAILS
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Line of Business : |
Manufacturers and Exporters of Human Hair such as Single Drawn Remi
100% Natural Raw Hair, Unwaded, Single Drawn Remi Hand Tied Weet, Straight
and Curly Indian Human Hair, available in different colours such as Bleached Colours,
Natural Dark Colours, Medium Grey, Light Grey, White and Pale Yellow. |
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Exports : |
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Countries : |
U.S.A, Brazil,
North America, Italy and U.A.E. [Human Hair] |
PRODUCTION STATUS (As on 31.03.2005) :-
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Particulars |
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Unit |
Installed
Capacity |
Actual
Production |
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Human Hair |
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Tonnes |
5 |
5 |
GENERAL
INFORMATION
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No. of Employees : |
35 |
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Bankers : |
Canara Bank, Park
Town Branch, Chennai – 600003, Tamilnadu, India |
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Banking
Relations : |
Satisfactory |
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Associates/Subsidiaries : |
Nil |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.500 millions (Estimated) |
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Borrowed : |
--- |
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Total : |
Rs. 2.500 millions (Estimated) |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2008 |
31.03.2007 |
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Sales Turnover (Estimated) |
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35.000 |
25.000 |
LOCAL AGENCY
FURTHER INFORMATION
CONCERN PROFILE:-
The concern is engaged in the business of Manufacturing and Exporting Human Hair. They are in business since 1968 and have a very old and established clientele. The office is located in Devaraj Mudali Street, Park Town while their factory is in Samy Pillai Street, Park town. They have over 30 people working for them in their factory. They are very well known in the Park town area since they are in business for over 25 years and have a very good reputation.
The premises they operate on is taken on rent. No direct supplies recommended. Transactions against LCs or documents through bank recommended.
WEBSITE DETAILS :-
The concern is a highly recognized and leading enterprise engaged as a manufacturer,
supplier and exporter of Human Hair in all natural colors such as various shades of black and brown, grey, white, pale
yellow, in multiple textures ranging from straight to curly. Human Hair
manufactured at their plant are of international quality and give a very
natural look.
Infrastructure
They possess the latest
infrastructure base to manufacture both single and double drawn hair. They are
backed by a team of highly trained and experienced professionals who have
immense experience in offering right quality products to the clients at right
price.
Human Hair
manufactured by them are exported to countries and continents like USA, Brazil, North America, Italy and UAE.
Range of Indian human hair Includes:
·
Bleached Color Human hair
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Natural Dark Color Human hair
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Medium Grey Yellow
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Light Grey
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White
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Pale Yellow
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Straight & Curly
Quality
They give 100% guarantee for
the quality of their hair products;
the procured hair is washed and cleaned to optimum perfection. They use Italian
technology equipment in their processing units to bleach and clean the
collected hair.
Potential
With a monthly production capacity of minimum
five tonnes, they have the ability to offer a complete line of human hair,
processed through the most stringent quality control measures by competent and
caring workforce committed to excellent service. They look forward to invite
all buyers looking for quality products and services at competitive rates.
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.43.34 |
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UK Pound |
1 |
Rs.86.53 |
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Euro |
1 |
Rs.68.54 |
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 |
5 |
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--PROFITABILIRY |
1~10 |
5 |
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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 |
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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