MIRA
INFORM REPORT
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Report Date : |
17.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
HIKMA EXPORTS |
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Registered Office : |
41, Muthumari Chetty Street, Maannady, Chennai – 600001, Tamilnadu |
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Country : |
India |
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Financials (as on) : |
2008 |
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Year of Establishment : |
2007 |
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Legal Form : |
Partnership concern with an unlimited liability of the partners. |
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Line of Business : |
Manufacturer, Exporter, and Importer of Perfumes and Textile |
RATING &
COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
USD 5000 |
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Status : |
New Concern |
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Payment Behaviour : |
Usually Correct |
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Litigation : |
Clear |
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Comments : |
Subject is a new concern promoted by Mikma Trading Company, a trading
firm started in the year 1998. The concern was statrted to carry on
manufacturing and export activities. Trade relations are fair. Business is active.
Payments are reported as usually correct and as per commitments. The concern can be considered good for small to mediocre business
dealings initially. |
INFORMATION PARTED
BY
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Name : |
Mr. Noohu |
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Designation : |
Partner |
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Contact No.: |
91-9884040045 |
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Date : |
25.06.2008 |
LOCATIONS
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Registered Office/Factory : |
41, Muthumari Chetty Street, Maannady, Chennai – 600001, Tamilnadu |
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Tel. No.: |
91-44-25216999 |
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Mobile No.: |
91-9884040045 |
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Fax No.: |
91-44-25216333 |
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E-Mail : |
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Area : |
2000 Sq. ft |
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Location : |
Rented |
PARTNERS
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Name : |
Mr. Mohamad Noohu |
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Designation : |
Partner |
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Date of Birth/Age : |
37 Years |
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Qualification : |
B. Com |
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Name : |
Mr. Mohamad Mubarack |
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Designation : |
Partner |
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Date of Birth/Age : |
36 Years |
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Qualification : |
BSC |
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Name : |
Mr. Mohamad Nayeem |
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Designation : |
Partner |
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Date of Birth/Age : |
34 Years |
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Qualification : |
BSCS |
BUSINESS DETAILS
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Line of Business : |
Manufacturer, Exporter, and Importer of Perfumes and Textile |
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Products : |
v Perfumes v Textile |
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Exports : |
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Countries : |
Gulf Countries, Dubai and Saudi |
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Imports : |
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Products : |
Alcholic Perfumes, Attal |
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Countries : |
France and London |
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Terms : |
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Selling : |
DA, DP, Advance and Credit (30, 60 or 90 days) |
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Purchasing : |
Credit (30 to 60 days) |
GENERAL
INFORMATION
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Customers : |
Wholesalers |
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No. of Employees : |
8 |
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Bankers : |
Bank of Baroda, Main Branch, Chennai, Tamilnadu |
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Facilities : |
-- |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
Mr. Abdulla Chartered Accountant |
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Address : |
Chennai, Tamilnadu |
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Associates/Subsidiaries : |
Hikma Trading 41, Muthumari Chetty Street, Maannady, Chennai – 600001, Tamilnadu Started in 1998 Line of Business – Trading activities Annual Turnover – Rs. 8.500 Millions (2007) |
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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31.03.2008 |
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Sales Turnover |
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20.000 |
LOCAL AGENCY
FURTHER INFORMATION
Trade References
v
Hasim Al Sayeed Trading (LLC) – Dubai
v
Atras Enterprises – Chennai, Tamilnadu
v
Rahan Enterprises – Chennai, Tamilnadu
v
Attar House – Delhi
v
Akarafas Agencies – Chennai, Tamilnadu
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.43.17 |
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UK Pound |
1 |
Rs.86.46 |
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Euro |
1 |
Rs.68.68 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
3 |
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PAID-UP CAPITAL |
1~10 |
3 |
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OPERATING SCALE |
1~10 |
3 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
2 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
3 |
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--CREDIT LINES |
1~10 |
3 |
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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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30 |
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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