MIRA
INFORM REPORT
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Report Date : |
15.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
LEATHER CHOICE |
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Registered Office : |
1, Muthu Street, 1st Floor, Periamet, Chennai – 600 003,
Tamilnadu, India |
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Country : |
India |
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Financials (as on) : |
31.03.2008 |
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Year of Establishment : |
2000 |
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Legal Form : |
Sole Proprietory Concern |
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Line of Business : |
Exporter of leather products [They Manufacture the products through Job
work and sell to overseas countries, they 100% export their products through
some other company is they do indirect export.] |
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 15000 |
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Status : |
Small Concern |
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Payment Behaviour : |
No Payments |
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Litigation : |
Clear |
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Comments : |
Subject is a relatively small concern in its field. Trade relations
are fair. Scale of activity is limited. No Complaints have been heard from
market sources. The concern can be considered for small mediocre business dealings. |
INFORMATION PARTED
BY
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Name : |
Mr. C. Athar Ahmed |
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Designation : |
Proprietor |
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Contact No.: |
91-9840073289 |
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Date : |
11.11.2008 |
LOCATIONS
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Registered Office : |
1, Muthu Street, 1st Floor, Periamet, Chennai – 600 003,
Tamilnadu, India |
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Tel. No.: |
91-44-25612959 |
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Mobile No.: |
91-9840073289 (Mr. Athar Ahmed) |
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Fax No.: |
91-44-25615565 |
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E-Mail : |
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Area : |
1800 sq ft |
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Location : |
Owned |
SOLE PROPRIETOR
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Name : |
Mr. C. Athar Ahmed |
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Designation : |
Proprietor |
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Date of Birth/Age : |
38 Years |
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Qualification : |
Technical Graduate |
BUSINESS DETAILS
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Line of Business : |
Exporter of leather products [They Manufacture the products through
Job work and sell to overseas countries, they 100% export their products through
some other company is they do indirect export.] |
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Products : |
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Exports : |
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Countries : |
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Terms : |
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Selling : |
L/C, Advance, T/T |
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Purchasing : |
Cash and Credit (30 days) |
GENERAL
INFORMATION
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Customers : |
Trader Manufacturer |
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No. of Employees : |
10 |
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Bankers : |
ICICI Bank, Pursaiulalkam Branch |
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Banking
Relations : |
-- |
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Auditors : |
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Name : |
Salim and Company Chartered Accountant |
CAPITAL STRUCTURE
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Capital Investment : |
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Owned : |
Rs.3.000 Millions |
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Borrowed : |
-- |
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Total : |
Rs.3.000 Millions |
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 |
Expected Sales (2008-09): Rs.20.000 Millions
LOCAL AGENCY
FURTHER INFORMATION
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Additional Requirement of Indiamart for Trust-Seal |
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VAT / TIN : [As the company has local business proprietor says they don’t have Tin Number and they do indirect exports so no IEC code] |
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IEC Code :-- |
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PAN / TAN : AEXPA5418H |
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Bank Name : ICICI BANK |
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Bank Address :Pursaiwalkam Branch |
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Bank A/c. No.: 602505055416 |
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Account Since :2000 |
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Trade Reference
- Suji Leather
Exports, Chennai
- Rauff Leather
Exports, Chennai
About Us
Incepted in the year 2000, Leather Choice is a well reckoned name in the arena of manufacturing and exporting fine finished leather and leather products. The collection adheres to international quality standards and specifications, especially developed for the fashion conscious people.
With the aid of well equipped infrastructure, tanneries and top-grade raw
materials they have been able to offer an exclusive, polished and comfortable
range of leather products such as shoes and jackets. Their range of products
have been developed in compliance to the diverse needs and have been well
responded by their clients spread across the globe.
They are backed by the dedication and motivation of an active management
comprising of an efficient team of designers and leather experts who work
together tirelessly to meet the increasing demand of their products.
Assortment of Leather Products
Demand for leather products is
steadfastly increasing and they have strived to fulfill this demand with their
competence and determination. They have specialized in the production of a wide
assortment of leather products that comprise of Goat Leather, Sheep Leather,
Cow Leather, Buff Leather, Men’s Shoe, Ladies Shoe, Children Shoe, Shoe Uppers,
Woven Shoe, Men’s Leather Jacket, Women’s Leather Jacket and Children Leather
Jacket. All these products can be availed in different sizes, shapes and colors
as required by their clients. Their collection has the following salient
features that contribute to its increasing demand:
- Comfort fit
- Durable
- Soft texture
- Fine polishing
- Appealing and attractive finish
- Easy to maintain
Customization
Customization has always been a
primary concern for their organization because they know that the preferences
and requirements of their clients may vary. They have always valued the
suggestions and inputs that they receive from their clients and have directed
their endeavors towards providing the leather product as desired by them.
Moreover, they care about their customers and hence, they also provide
suggestions to them regarding the procurement of the best quality and the most
genuine leather. Their products can also be packed as per the client
specification. Some of the varied parameters on which their complete range can
be customized include the following:
- Size
- Colors
- Designs
- Texture
- Polishing
Team
Their organization is segregated
into various departments such as marketing, finance, production and
administration for the smooth and uninterrupted functioning of the company.
Each unit specializes in their particular task.
They boast of a sound and spacious
infrastructure, spread across an area of 3 acres. Their unit is well equipped
with the required equipment and machineries that enable them to undertake the
production of 0.500 to 1.000 Million unit per month. The machineries are
up-graded time and again to ensure the smooth flow of production. To aid them
in the smooth manufacturing process, they have installed some of the best
machines at their manufacturing unit. These include the following:
- Cutting machine
- Stitching machine
- Burnishing machine
- Loop cutter
- Brushing machine
They also have an in-house designing unit, equipped with a team of creative and
skilled professionals. They introduce new and innovative ideas to conceive
their range of stylish and trendy products.
Quality Assurance
Quality has always been a
significant aspect of their organization. They do not believe in compromising
quality for the sake of quantity. Their leather and quality experts ensure that
they procure raw materials from reliable sources. Since they ourselves are into
manufacturing of finished leather, they have tanneries, which are constantly
supervised by a team of quality analysts. To check quality leather, they make
sure that the leather does not crack or scruff and the finish is comprehensively
dry and hard to touch.
In their range of finished leather products, they ensure that the leather is
evenly tanned and polished. They ensure that all their products are neatly
stitched and have no discrepancies with regard to specifications as detailed by
the clients. They also verify on the quality of the accessories such as
zippers, buckles, chains etc to provide a flawless and qualitative product.
Client Satisfaction
Achieving optimum consumer
satisfaction has been their aim. They have received an overwhelming
appreciation for their range of jackets, shoes and finished leather. This is
because their collection adheres to international quality standards and
specifications. They practice their business on ethical grounds including
complete knowledge of the patents and export laws of different countries. This
has enabled them to build a bond of trust with their wide clientele spread
across the world especially in the challenging markets of Europe and United
States.
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 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.49.46 |
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UK Pound |
1 |
Rs.73.17 |
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Euro |
1 |
Rs.62.96 |
SCORE & RATING
EXPLANATIONS
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SCORE FACTORS |
RANGE |
POINTS |
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HISTORY |
1~10 |
4 |
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PAID-UP CAPITAL |
1~10 |
4 |
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OPERATING SCALE |
1~10 |
4 |
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FINANCIAL CONDITION |
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--BUSINESS SCALE |
1~10 |
5 |
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--PROFITABILIRY |
1~10 |
3 |
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--LIQUIDITY |
1~10 |
4 |
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--LEVERAGE |
1~10 |
4 |
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--RESERVES |
1~10 |
4 |
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--CREDIT LINES |
1~10 |
4 |
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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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36 |
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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