MIRA
INFORM REPORT
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Report Date : |
02.06.2008 |
IDENTIFICATION
DETAILS
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Name : |
NARENDRA CORPORATION |
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Registered Office : |
Barrot Wadi, Whal Bhat Road, Goregaon (East), Mumbai – 400063,
Maharashtra |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
1975 |
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PAN No.: [Permanent
Account No.] |
AAAFM3135B |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturer of polyester sewing thread, nylon and narrow woven tubes. |
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 20000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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Litigation : |
Clear |
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Comments : |
Mr. Hitesh of the concern confirmed the details. He denied several
details. Subject is an established concern having satisfactory track records.
Trade relations are fair. Payments are reported as slow but correct. The concern can be considered normal for business dealings at usual
trade terms and conditions. Nothing adverse affected. |
INFORMATION PARTED
BY
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Name : |
Mr. Hitesh |
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Designation : |
Managing Director |
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Mobile : |
91-9821344547 |
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Date : |
02.06.2008 |
LOCATIONS
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Registered Office/ Factory : |
Barrot Wadi, Whal Bhat Road, Goregaon (East), Mumbai – 400063,
Maharashtra, India |
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Tel. No.: |
91-22-22915964 |
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Fax No.: |
91-22-26851171 |
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Mobile No.: |
91-9821344547 |
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E-Mail : |
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Website : |
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Area : |
400 sq. ft. |
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Locations : |
Owned |
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Firm: |
Narendra Brothers |
SOLE PROPRIETOR
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Name : |
Mr. Rajendra B. Shah |
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Designation : |
Proprietor |
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Date of Birth/Age : |
53 years |
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Qualification : |
SSC |
BUSINESS DETAILS
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Line of Business : |
Manufacturer of polyester sewing thread, nylon and narrow woven tubes |
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Terms : |
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Selling : |
Cash / Credit (30 days) |
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Purchasing : |
Cash |
GENERAL
INFORMATION
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Customers : |
· Retailers · End Users |
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No. of Employees : |
14 |
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Bankers : |
· Bank of Baroda, Goregaon (West), Maharashtra, India · Mangal Co-
operative Bank Goregaon (West), Maharashtra, India |
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Facilities : |
The concern does not enjoy facility from its bankers. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
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Name : |
J. K. Choudhry and Company Chartered Accountant |
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Address : |
Malad (West), Mumbai, Maharashtra, India |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 5.000 Millions |
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Borrowed : |
- |
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Total : |
Rs. 5.000 Millions |
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 |
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6.500 |
9.500 |
Expected Sales (2009) : Rs. 7.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trust Seal
Acceptance Chart:
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Parameters |
Detail |
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Statutory Approvals |
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Income Tax Registration |
AAAFM3135B |
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Central Sales tax Registration |
2793034338C |
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VAT / TIN registration |
27930324338V |
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Excise Registration |
No |
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Name of Bank |
Mangal Co-operative bank |
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Current account number |
6225 |
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Account since |
Last 4 years |
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Credibility factors |
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Indiamart client since |
March – 2008 |
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Year of Establishment |
1975 |
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Trade Affliations |
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Export Promotion Council |
No |
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Chambers of commerce membership |
No |
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D&B D-U-N-S number |
No |
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Government recognized export house status |
No |
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Standards and certifications |
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Quality Management Systems |
No |
Trade References:-
· VIP luggage
· Killer Jeans
· Raymond
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.42.59 |
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UK Pound |
1 |
Rs.84.16 |
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Euro |
1 |
Rs.65.99 |
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 |
NO |
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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 |
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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