MIRA
INFORM REPORT
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Report Date : |
04.03.2008 |
IDENTIFICATION
DETAILS
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Name : |
GOLDEN HAIR COMPANY |
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Registered Office : |
10-131, Near Chathapur Bridge, Eluru – 534 001, Andhra Pradesh |
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Country : |
India |
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Financials (as on) : |
31.03.2007 |
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Date of Incorporation : |
1982 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Manufacturing, Trading and Exporter of Human Hair. |
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 8000 |
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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.
Proprietor of the concern is experienced, respectable and having satisfactory
means of his own. His 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. Rajesh |
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Designation : |
Exim Manager |
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Report Date: |
04.03.2008 |
LOCATIONS
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Registered Office : |
10-131, Near Chathapur Bridge, Venkatapuri Panchayati, Eluru – 534
001, Andhra Pradesh, India |
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Tel. No.: |
91-8812-653754 |
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Mobile no: |
91-9848636664 / 9848635754 / 9398311039 / 9290080069 |
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Fax No.: |
91-8812-235754 |
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E-Mail : |
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Area : |
800 sq. yards |
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Location : |
Owned by Proprietor |
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SOLE PROPRIETOR
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Name : |
Mr. Y. V. Rao |
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Designation : |
Sole Proprietor |
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Date of Birth/Age : |
39 years |
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Qualification : |
Graduate |
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Experience : |
14 years |
BUSINESS DETAILS
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Line of Business : |
Manufacturing, Trading and Exporter of Human Hair. |
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Products : |
Human Hair |
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Exports : |
China. Hong Kong, Korea, Italy, UK, USA, Turkey |
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Terms : |
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Selling : |
L/C and other basis |
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Purchasing : |
Cash and Credit basis |
GENERAL
INFORMATION
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Customers : |
Wig Manufacturers |
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No. of Employees : |
200-250 |
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Bankers : |
Ø The Laxmi Vilas
Bank Limited
Srinivasa Theatre Road, R.R. Pet,
Eluru- 534 002, W.G.Dist. A.P. India Ø State Bank Of
India Overseas Branch, 86, Rajaji Salai, Chennai -600 001. Swift Code:-
SBININBB 105 Ø ICICI, Eluru
Branch Ø Corporation
Bank, Eluru Branch |
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Facilities : |
Credit Limit: Rs. 10.000 Million, Using Rs 3.000 Millions from the The Laxmi Vilas Bank
Limited. |
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Banking
Relations : |
Satisfactory |
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Auditors : |
Ø Mr. C.H.
Narsimha Rad (Chartered Accountant) Ø Mr. K. Mallika Arjun
Rao (Chartered Accountant) |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs. 2.000 Millions |
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Borrowed : |
Rs. 4.000 Millions |
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Total : |
Rs. 6.000 Millions |
FINANCIAL DATA
[all figures are in Rupees Millions]
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Particulars |
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31.03.2007 |
31.03.2006 |
31.03.2005 |
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Sales Turnover |
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63.500 |
55.000 |
50.000 |
Expected Sales (2007-08) : Rs.80.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
Trade Reference:
1)
Mnskaucukith. Ihr. San.Tic.Ltd.Sti, Turkey
2)
Xuchang Hengyuam Hair Products Company Limited,
China
Website Details
PROFILE
Subject was established in the year 1984. Since then it has grown as a major processor and exporter in natural human hair in India. Subject has hair collection and processing centers in different parts of India. Concern export and process all types of natural human hair like remy, non remy in single drawn and double drawn and also items like hand tied wefts, microwefts, machine wefts, thukku and barber cutting hair e.t.c. Concern have clients in different countries across the globe.
PRODUCTS
Subject processes the best quality 100% natural Indian human hair. In their process hair is cleaned and well washed with detergents and shampoo, sundried, hackled, combed, sorted, well dressed and packed in cardbord boxes for export.
Their Quality Control Department takes every care for the excellent out come of
the finished products. Concern process and export 100% Indian Remy and NonRemy
in single and double drawn types in all colours and sizes and also Thukku and
barber cutting hair which can be utilized in the manufacturing of wigs, hair
pieces, hair extensions, men's toupees, eyelasher, maniking wigs, weft, doll
wigs and any other human hair products. Based on customers requirement Concern
process and export special items like coloured hair , bleached hair, machine,
hand and micro wefts etc. Concern broadly classified their products as below.
- 100%
Natural Remy Human Hair:
The head and tail of the hair is kept in the same order.
Cuticles are not removed and are in same direction. This hair is collected from
temples, donors and beauty parlors etc.(specifically female hair).
a) Remy Single Drawn Human Hair:
Remy single drawn human hair is hackled, trimmed on one side
and kept in one direction i.e all the roots will be at one end of the processed
bundle. This high quality process allows very small percentage of hair to be
outside the specified length of the bundle. This processing also keeps the hair
from tangling after it is bleached or dyed. This kind of processed hair is very
popular in Europe. This hair is uesd for hair extensions and other products.
Concern are specialised in processing and exporting high quality Remy single
drawn hair.
QUALITY: Natural Straight, Curly and Weavy
COLOURS: Natural Black, Brown, White and Grey
SIZE: From 8" to 40" of Length
PROCESS: Hackled, Combed, Sorted washed in Detergents,
Shampoo, Sun dried. Packed in Cardboard boxes for export.
USAGE: Used in manufacturing of Wigs, manequinns,
extensions ad hair pieces
b) REMY DOUBLEDRAWN HUMAN HAIR:
Remy double drawn human hair is hackled and trimmed on both
sides and will have uniform sizes.
QUALITY: Natural Straight
COLOURS: Natural Black, Brow, White and Grey
SIZE: From 8" to 40"
PROCESS: Hackled, Combed, Sorted washed in Detergents,
Shampoo, Sun dried. Packed in Cardboard boxes for export.
USAGE: Used in manufacturing of Wigs, manequinns,
extensions ad hair pieces
2. 100% NATURAL NON REMY HUMAN HAIR:
The head and tail of the hair is mixed in natural non remy
human hair. This hair is collected from comb waste which is collected from
houses in villages and temple hair offerings.
a) NON REMY SINGLE DRAWN HUMAN HAIR: This hair is
hackled and trimmed on one side and the cuticles are mixed.
QUALITY:Natural Straight Only
COLOURS: Natural Black, Grey and White Only
SIZES: From 6" to 22" of Length
PROCESS:- Hackled, Combed, Sorted washed in Detergents,
Shampoo, Sun dried. Packed in Cardboard boxes for export.
USAGE: Used in manufacturing of Wigs, manequinns,
extensions ad hair pieces
b) NON REMY DOUBLE DRAWN HUMAN HAIR: This hair is hackled and trimmed on both sides with cuticles mixed.
QUALITY: Natural Straight Only
COLOURS: Natural Black, Grey and White Only
SIZES:- From 6" to 22" Length
PROCESS: Hackled, Combed, Sorted washed in Detergents,
Shampoo, Sun dried. Packed in Cardboard boxes for export.
USAGE: Used in manufacturing of Wigs, manequinns,
extensions ad hair pieces
3. THUKKU AND BARBER CUTTING HAIR:
Thukku is tonsured hair of men which is below 4" length, used in suit lining. Barber Cutting Hair is collected from saloon shops which is below 3" length, used in manufacturing of Amino acids.
4. SPECIAL ITEMS: WEFTS
Machine wefts, hand wefts and Micro wefts are available.
SIZE:- According to the customer requirements.
USAGE:- Weft hair is used for making wigs.
FACILITIES
Subject corporate office and factory is in Eluru, AndhraPradesh,
India. Concern have collection centers and processing units all over India.
Some of their centers list is as below.
1.Vijayawada 2.Yadagirigutta 3.Vemulavada 4.Visakhapatnam 5.Rajhamundry e.t.c
Concern have hundreds of well experienced staff in factory in all grades
working with dedication for best quality output and huge quantity of production
of natural Indian Human Hair. Concern process 15000 kg (15Tonnes) of hair in
both qualities like Remy and Nonremy human hair per month.
TERMS AND CONDITIONS:-
DELIVERY:-
Concern deliver shipments promptly by air or
sea within 24 hours to 2 weeks depending on the size of the order and
availability of the stock, immediately after confirmation from Bank.
PACKING:- Concern take every
care in packing of consignments to reach our customers safely and in best
condition. Their consignments are packed in export quality cardboard boxes.
TERMS OF PAYMENT:- Payments are done by irrevocable at sight letter of credit for 100% invoice value (L/C) or by T.T
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.40.29 |
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UK Pound |
1 |
Rs.79.98 |
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Euro |
1 |
Rs.61.20 |
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 |
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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